In their recent earnings statement, Robinhood stated that they will soon be launching brokerage operations in the UK, thanks to their experienced team.
EU Crypto Trading
Additionally, as part of their global expansion strategy, they are planning to introduce crypto trading in the EU after their UK launch. This move demonstrates Robinhood's commitment to reaching new markets and providing more opportunities for traders. In the summer, Robinhood announced its intention to recruit employees in the U.K. as part of its expansion plans in the region. This move is significant as some crypto companies have stopped serving U.K. customers due to new regulations that require them to provide clear risk labels and implement system changes, which came into effect on October 8th.
Robinhood Q3 Earning Results
In its earnings statement, Robinhood mentioned that its revenue from crypto-related activities dropped by 55% to $23 million in the third quarter compared to the same period last year. Additionally, Robinhood stopped supporting tokens like Cardano (ADA), Polygon (MATIC), and Solana (SOL) due to the SEC lawsuits against Binance and Coinbase. However, the trading platform still allows users to trade 15 different cryptocurrencies, such as Bitcoin (BTC), Ether (ETH), Dogecoin (DOGE), and Avalanche (AVAX).
In after-hours trading, the company's shares dropped by 5.8% due to Q3 revenue falling short of analyst predictions and disappointing guidance. However, for the year, HOOD has outperformed the S&P 500 with a 18% increase compared to the index's 14% growth. Robinhood has been around for almost a decade and they're not slowing down. Recently, they've added more value to their products such as Robinhood Gold which offers a 4.9% annual yield on cash and a 3% match on IRA contributions.