In the announcement of 2022 third quarter earnings reports, Robinhood Markets, Inc.’s CEO discussed the conditions of crypto currency in today’s world. Robinhood is a well-known financial service mobile app in the United States that provides a platform for free trading of stocks, digital currencies, and ETFs. The ETFs can remove some of the pressure from picking individual stocks.
As per the reports, the total net revenue increased by 14% to $361 (USD) , an improvement of $120 million (USD) from the second quarter report. Vlad Tenev, CEO of Robinhood, stated, “In the third quarter, we achieved our goal of reaching adjusted EBITDA profitability, a quarter earlier than planned.”
Recently, there was an official tweet from Robinhood saying that on Friday, the RobinhoodGold interest rate for uninvested cash was going to increase to 3.75%. There is no cap, and the users can withdraw at any time.
The ultimate aim of the platform is to let users buy, sell, and store crypto assets without having to pay the commission fees. Like the user can invest $1 that can dive into the Bitcoin, Ethereum, and Altcoin family.
CFO of Robinhood Markets Jason Warnick stated, “We remained focused on serving our customers and driving long-term shareholder value in Q3.” “We drove positive adjusted EBITDA by increasing revenues and reducing expenses. We also continued to deliver on our 2022 product roadmap, which helped maintain steady net funded accounts and drive strong net deposits,” he further added.
The profits we get from investing in RobinhoodGold
- Providing huge instant deposits.
- Margin investing at 6.5%.
- 3% interest on cash.
- Advanced market data.
- Providing professional research.
Commission free trading of stocks, ETFs, and options refers to 0 commissions for Robinhood Financial’s self-directed individual cash or margin brokerage accounts that trade U.S. listed securities and certain OTC securities electronically.
Recently, Robinhood’s official twitter account shared a tweet saying the new UK Prime Minister is a crypto enthusiast.
Source: https://www.thecoinrepublic.com/2022/11/04/robinhood-markets-inc-announced-its-third-quarter-earnings-reports/