Robinhood Markets Inc HOOD shares are trading lower Wednesday on the heels of the company's third-quarter financial results. Here's a look at the key metrics from the quarter.
What Happened: Robinhood said third-quarter revenue increased 29% year-over-year to $467 million, which missed the consensus estimate of $478.2 million, according to Benzinga Pro. The company reported a quarterly loss of 9 cents per share, which beat analyst estimates for a loss of 10 cents per share.
Monthly active users decreased 16% year-over-year to 10.3 million. Net cumulative funded accounts increased by 360,000 year-over-year to 23.3 million. Average revenue per user increased 27% to $80. Total assets under custody increased 34% to $87 billion.
Robinhood ended the quarter with $4.9 billion in cash and equivalents versus $6.2 billion in the prior year's quarter.
"It's been nearly 10 years since we founded Robinhood and we're just getting started," said Vlad Tenev, co-founder and CEO of Robinhood.
"Looking ahead, we remain focused on providing industry-leading products that serve far more of customers' financial needs, gaining market share, expanding internationally, and continuing to change the industry for the better."
Robinhood increased its full-year 2023 operating expense guidance to a range of $2.399 billion to $2.439 billion versus its prior outlook of $2.33 billion to $2.41 billion.
See Also: Enovix Stock Is Surging Wednesday: What's Going On?
HOOD Price Action: Robinhood shares were down 7.27% at $9.05 at the time of writing, according to Benzinga Pro.
Photo: courtesy of Robinhood.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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