Robinhood Markets (HOOD) reported $39 million in crypto trading revenue in the fourth quarter, down 24% from $51 million in the third quarter.
The firm also said its board had approved the purchase of all or most 55 million shares that a holding firm for former FTX CEO bought in May 2022 and cancelled about $500 million of its share-based compensation.
After a test version of its Polygon-based Web3 wallet in September, the Robinhood crypto wallet was made available to more than one million waitlisted consumers last year.
According to FactSet, analysts expected Robinhood to lose 15 cents per share in the fourth quarter, but the company lost 19 cents per share after adjusting for non-recurring costs, on revenue of $380 million.
Wednesday’s after-hours trading saw Robinhood stock rise by nearly 3% to $10.80. The stock price is up almost 30% so far but is down 21% from a year ago.
At 5 p.m. ET, Robinhood will host a call for investors and industry experts.