Robinhood Markets (NASDAQ:HOOD) shares are trading lower after the company reported second-quarter earnings results.
The company reported ARPU of $112, down from $115 year over year.
“For the three months ended September 30, 2021, we expect seasonal headwinds and lower trading activity across the industry to result in lower revenues and considerably fewer new funded accounts than in the prior quarter,” the company said in its quarterly release.
Robinhood Markets Inc is creating a modern financial services platform. It designs its own products and services and delivers them through a single, app-based cloud platform supported by proprietary technology.
At the last check, Robinhood was trading 6.22% lower at $46.7.
