Robinhood Shares Fall as Crypto Trading Revenue Declines Sharply

Robinhood Shares Fall as Crypto Trading Revenue Declines Sharply
Robinhood (HOOD) shares were falling more than 8% in after-hours trading Tuesday after the zero-commission trading platform missed badly on revenue expectations as its cryptocurrency revenue fell sharply from the second quarter’s record high.Robinhood said its crypto revenues fell to just $51 million in the third quarter, down from a record $233 million in the second quarter. The company said the reduced crypto trading activity led to significantly fewer new funded accounts and lower revenue in the quarter as compared to the second quarter.Total revenue for the quarter was $365 million, short of analyst estimates of $437.1 million, according to…