Robinhood Shares Slide 8% as Record Q3 Revenue Misses Estimates

Robinhood Markets (NASDAQ: HOOD) shares fell more than 8% to $86.78 in premarket trading Wednesday after the online brokerage reported record third-quarter revenue that missed Wall Street estimates, amid weaker cryptocurrency trading and higher operating expenses. Revenue rose 12% year over year to a record $1.42 billion for the quarter ended Sept. 30, below the Wall Street consensus estimate of $1.43 billion. Adjusted earnings per share (EPS) reached $0.60. However, diluted earnings under generally accepted accounting principles (GAAP) fell from $0.61 to $0.51 per share year over year, missing the $0.55 consensus estimate compiled by LSEG.