Mizuho analyst Dan Dolev said in a research report that the target price of robinhood markets (hood.us) was lowered from $68 to $55 to reflect the company's weak performance guidance for the fourth quarter.
Separately, Dolev said the decline in new users in the third quarter "could become a new concern for the company as investors become more concerned about the company's ability to acquire new users while maintaining existing users." ”
Finally, the analyst lowered Robinhood's fiscal 2022 revenue forecast from $2.8 billion to $2.5 billion and the fiscal 2023 revenue forecast from $3.9 billion to $3.6 billion.
It is reported that robinhood announced its third quarter earnings report on October 29, EST, in which the company's cryptocurrency trading-related revenue narrowed sharply from $233 million in the second quarter to $51 million. Separately, robinhood said that with no change in the market environment or external events, the company believes this may result in its fourth-quarter revenue of no more than $325 million and full-year revenue of less than $1.8 billion. In addition, the company expects new funding accounts opened in the fourth quarter to be roughly in line with the 660,000 in the third quarter.
This article originated from Zhitong Finance Network
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