third-quarter earnings fell short of expectations on Wednesday, a miss it attributed to an accounting quirk related to incentives that the company said Wall Street analysts had overlooked, sending its shares down 11 per cent after the bell.
“The match promotion dollars are recorded as an offset to revenue, and it looks like analysts just were not factoring that in enough for the quarter.” Warnick said, adding that contra revenue rose $14-million sequentially. Meanwhile, Robinhood saw a surge in trading volumes as heightened market activity and volatility sent mom-and-pop investors into the online commission-free brokerage .
Robinhood’s equity and crypto trading volumes jumped 65 per cent and 112 per cent in the quarter, respectively. Options contracts traded surged 47 per cent.
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