HOOD stock falls 8.5% as Robinhood’s crypto revenue weakness draws attention

The Robinhood Markets HOOD stock fell 8.55% to $83.76 in early trading on October 30, extending its October decline. Its price opened well below the price it closed at on Thursday as cryptocurrency markets faced fresh uncertainty surrounding Binance’s security incident. The selling comes days after Robinhood reported a 55% annual drop in quarterly crypto revenue. Its latest results offer a useful measure of its exposure as investors assess the fallout across crypto markets. Crypto revenue falls despite record company sales The Robinhood third-quarter results that was published on October 27, showed that crypto revenue was $120 million. This amount made up about 8.4% of the total revenue. The total revenue reached a record $1.424 billion, up 12% year over year.

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