US Stock Market Move | Cryptocurrency trading revenue plunges 55% year-over-year; Robinhood (HOOD.US) falls over 4% in early trading.

On Wednesday, Robinhood (HOOD.US) opened more than 4% lower, and 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 more than 25%. On the news front, Robinhood Markets reported its third-quarter financial results. Data showed that the company's total net revenue for the quarter reached US$1.424 billion, a record high, up 12% year-over-year and 9% quarter-over-quarter; net profit was US$476 million, down 14% year-over-year and 17% quarter-over-quarter; diluted earnings per share were US$0.51, lower than US$0.61 in the same period last year, down 16% year-over-year. Cryptocurrency trading revenue plunged 55% year-over-year to US$120 million, becoming the main drag on the trading business. On the earnings call, Robinhood said it launched 17 new products, including agentic trading, perpetual futures, and 24/7 stock trading, with the goal of becoming a platform for active traders, a leader in wallet share, and a leader in the global financial ecosystem. In addition, subscriptions to the company's paid membership program Robinhood Gold have reached 5 million, up 30% year-over-year. The company is also investing in investment banking and credit businesses to drive further growth. The Robinhood Chain mainnet launched in July and has already ranked among the top five blockchains by trading volume, with decentralized exchange trading volume exceeding US$100 billion. The company plans to increase investment in the developer ecosystem.