Shares of Robinhood dropped 12.4% in after-hours trading as the trading platform's third-quarter earnings failed to meet Wall Street estimates. Despite a significant increase in crypto trading volume and revenue, with a 112% and 165% year-on-year surge respectively, Robinhood's net income of $150 million and revenue of $637 million fell short of industry predictions. This led to a decline in HOOD shares. The company's earnings per share of $0.17 missed the Zacks Consensus Estimate of $0.18, while revenue was 3.6% below the $661.2 million estimate. Despite these setbacks, Robinhood's CFO, Jason Warnick, expressed satisfaction with the firm's performance. The company's assets under custody rose by 76% to $152.2 billion, driven in part by the growth in crypto valuations. Robinhood's acquisition of Bitstamp for $200 million aims to cater to institutional investors, pending regulatory approval. Despite the drop in after-hours trading, HOOD shares have seen a 128% increase in 2024, currently trading at $28.21. Read more AI-generated news on: https://app.chaingpt.org/news