Robinhood Shares Fall on Revenue Miss After Crypto Volumes Tumble

Robinhood Markets Inc. shares fell in late trading after the online brokerage reported revenue that missed estimates as lower cryptocurrency volumes dragged down its transaction-based revenue.

The company reported net revenue of $467 million, which missed the average analyst estimate of $478.9 million but was a 29% jump on the same period a year ago. Transaction-based revenues fell 11% on the prior year to $185 million, largely due to lower crypto notional volumes which fell 55% on the year, Robinhood said Tuesday in a statement.