Stock and cryptocurrency trading app Robinhood is expecting its quarterly revenue to decrease based on significantly high trading volume earlier this year.
In an amendment to its Form S-1 filed with the United States Securities and Exchange Commission on Monday, Robinhood reported that its trading activity for January and February was “particularly high” but had dropped by the end of the second quarter of 2021. According to the trading app, it expects its Q3 2021 revenue to be lower “as a result of decreased levels of trading activity relative to the record highs in trading activity, particularly in cryptocurrencies.”
Robinhood reported its total revenue experienced year-over-year growth of more than 123%, from $244 million at the end of the second quarter of 2020 to between an expected $546 million and $574 million on June 30. The difference in revenue was driven in part due to “increased trading activity related to options and cryptocurrencies.”
According to the trading app, 17% of its total revenue