Before Robinhood released its third-quarter results on Tuesday, its shares closed at $39.57, up 1.4%. After a rocky Wall Street debut in July, it soared as high as $85 in August before pulling back. Robinhood's stock has also come down after its own volatile ride. CEO Vlad Tenev also said that more than 1 million people have joined the waitlist for Robinhood's crypto wallet. The company recently announced that it's offering live phone support 24 hours a day, following earlier critcisms about how difficult it was to reach the company.
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‘Funky, diverse:’ As it grows, Greenwich’s Byram section embraces the best it has to offer. After ‘herculean’ work by Greenwich detective, police charge woman with murder in 1986 death of baby. COVID-19 hospitalizations on the rise in New York. Verdict magnifies divisions in an already-polarized country. That would mark a second straight quarter where revenue weakened from the prior three months. That’s why it said revenue could top out at $325 million for the last three months of the year. Looking ahead, Robinhood said lower trading activity among its customers could persist. In crypto trading alone, Robinhood's transaction-related revenue fell to $51 million from $233 million in the spring, though that was still up sharply from $5 million a year earlier. That's down from $112 three months earlier and from $102 a year earlier. That meant Robinhood made an average of $65 in revenue from each of its users. But the third quarter didn’t feature a market frenzy like the second quarter’s surge for dogecoin and other cryptocurrencies or the first quarter’s “meme stock” craze. Robinhood's business does best when markets are volatile and its customers are making lots of trades. Revenue rose to $364.9 million from $269.5 million. A shade more than $1 billion of the loss was related to stock-based compensation expenses it recognized with its initial public offering of stock. Robinhood's loss for the quarter totaled $1.32 billion, or $2.06 per share, compared with a loss of $10.7 million, or 5 cents per share, a year earlier. Robinhood also had slightly fewer funded accounts than it did during the spring, with the total dipping to 22.4 million from 22.5 million. The slowdown came as Robinhood's customers traded less often than earlier in the year, particularly in cryptocurrencies, and as the company entered a traditionally slower part of the calendar for brokerages.
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