Robinhood posted a third-quarter net loss of $175 million, beating analyst expectations of a loss of $311 million, according to FactSet, while its share price rose more than 4 percent in after-hours trading.
meanwhile The platform’s monthly active users dropped 1.8 million to 12.2 million in September from the previous month. Meanwhile, net income rose 14% from the second quarter to $361 million.
Crypto transaction revenue fell 12% to $51 million compared to the previous quarter, down from $58 million in the second quarter.
Overall, Robinhood’s transaction revenue rose 3% from the second quarter to $208 million, compared with $202 million in the second quarter.
In August, Robinhood announced a new round of layoffs, laying off about 23% of its workforce across all business lines.
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