Robinhood's quarterly profit falls as softer crypto activity outweighs robust trading

What happened: Robinhood Markets reported a drop in third-quarter profit as slower cryptocurrency trading weighed on growth, despite robust trading in other asset classes. Shares fell 3.4 per cent after the bell. Key numbers: Profit of $476 million, or 51 cents per share, versus $556 million, or 61 cents per share, a year earlier. Why it matters: Crypto markets have faced volatility and persistent outflows this year as higher rates make traditional investments more attractive. Middle East tensions spurred trading activity as investors hedged and adjusted portfolios.

Robinhood Markets reported a drop in third-quarter profit as slower cryptocurrency trading weighed on growth, despite robust trading in other asset classes. Shares fell 3.4 per cent after the bell.

Crypto markets have faced volatility and persistent outflows this year as higher rates make traditional investments more attractive. Middle East tensions spurred trading activity as investors hedged and adjusted portfolios.