US Stock Movement | Cryptocurrency trading revenue plunged 55% year-on-year; Robinhood (HOOD.US) dropped over 4% at the market open

Smart Finance APP reports that on Wednesday, Robinhood (HOOD.US) opened more than 4% lower. As of press time, the decline had narrowed to 2.6%. Since September 21, the stock has continued to fall, with a cumulative drop of over 25%. In terms of news, Robinhood Markets released its third-quarter financial results. Data shows that the company’s total net revenue for the quarter reached $1.424 billion, a record high, up 12% year-on-year and 9% quarter-on-quarter; net profit was $476 million, down 14% year-on-year and 17% quarter-on-quarter; diluted earnings per share were $0.51, below $0.61 in the same period last year, a 16% year-on-year decrease. Cryptocurrency trading revenue plummeted 55% year-on-year to $120 million, becoming the main drag on the trading business.