For the third quarter, total net revenue came in at $365 million, missing estimates of $431.5 million, according to Refinitiv. Revenues increased 35% year-over-year but were well below the second quarter’s revenue of $565 million.
Robinhood said it expects fourth quarter revenue no greater than $325 million. The company sees account growth in line with the 660,000 opened in the third quarter of 2021.
“For the three months ending December 31, 2021, we anticipate that many of the factors that impacted our third quarter results, such as seasonal headwinds and lower retail trading activity, may persist,” the company said in a press release.