What's Going On With Robinhood Stock Wednesday?

Robinhood Markets Inc HOOD shares are trading lower Wednesday on the heels of the company's third-quarter financial results. Here's a look at the key metrics from the quarter. 

What Happened: Robinhood said third-quarter revenue increased 29% year-over-year to $467 million, which missed the consensus estimate of $478.2 million, according to Benzinga Pro. The company reported a quarterly loss of 9 cents per share, which beat analyst estimates for a loss of 10 cents per share.

Monthly active users decreased 16% year-over-year to 10.3 million. Net cumulative funded accounts increased by 360,000 year-over-year to 23.3 million. Average revenue per user increased 27% to $80. Total assets under custody increased 34% to $87 billion.

Robinhood ended the quarter with $4.9 billion in cash and equivalents versus $6.2 billion in the prior year's quarter. 

"It's been nearly 10 years since we founded Robinhood and we're just getting started," said Vlad Tenev, co-founder and CEO of Robinhood. 

"Looking ahead, we remain focused on providing industry-leading products that serve far more of customers' financial needs, gaining market share, expanding internationally, and continuing to change the industry for the better."

Robinhood increased its full-year 2023 operating expense guidance to a range of $2.399 billion to $2.439 billion versus its prior outlook of $2.33 billion to $2.41 billion. 

See Also: Enovix Stock Is Surging Wednesday: What's Going On?

HOOD Price Action: Robinhood shares were down 7.27% at $9.05 at the time of writing, according to Benzinga Pro.

Photo: courtesy of Robinhood.