Robinhood Beats Earnings Expectations — Yet HOOD Drops 10%

Robinhood Markets Inc. (NASDAQ:HOOD) is down to $125 in premarket trading on Friday despite doubling revenue year-over-year and beating Wall Street’s third-quarter expectations.

Strong Quarter Overshadowed By Leadership Uncertainty

The company on Thursday reported $1.27 billion in revenue, beating analyst expectations of $1.19 billion.

Meanwhile, net income surged to $556 million, or 61 cents per share, compared with $150 million and 17 cents last year.

Transaction-based revenue reached $730 million, slightly below the $739 million StreetAccount forecast.

Chief Financial Officer Jason Warnick said it was “another strong period of profitable growth” as Robinhood added Prediction Markets and Bitstamp divisions.

Each new line now generates …

Full story available on Benzinga.com