#robinhood #earnings #yahoofinance
In its third quarter earnings, trading platform Robinhood Markets (HOOD) fell short of revenue estimates ($637 million vs. the $663.5 million that was expected) while posting adjusted earnings of $0.17 per share, just one cent shy of estimates of $0.18.
Citizens JMP Director of Financial Technology Research Devin Ryan joins Julie Hyman and Josh Lipton on Market Domination Overtime to weigh in on the company’s results. Robinhood shares have fallen by over 10% in extended hours.
"The bigger picture here is their assets, customer assets are up about 50% from the beginning of the year. So when you zoom out, we feel really good about the direction of the company," Ryan says on Robinhood’s earnings print. "The September metrics were a little bit soft and we expected it. And that’s what happened."
Ahead of the 2024 election, Robinhood rolled out a new election betting market feature for retail traders.
"That resonates with a small sliver of potential investors. But if it resonates with some, they want to provide access to it. And so that’s when I think about what Robinhood is building," Ryan tells Yahoo Finance. "They’re providing access to all things in financial markets on the trading side. And then over time, evolving the platform to be able to really help customers with a lot more of their financial service needs."
To watch more expert insights and analysis on the latest market action, check out more Market Domination Overtime here.
This post was written by Luke Carberry Mogan.
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