Robinhood发出悲观预测：交易放缓或延续到年末
散户交易放缓可能持续到2022年，Robinhood正在做应对的准备。
过去一年半时间里，该线上券商是散户投资热潮中的最大受益者之一。在第二季度加密货币交易暴涨前，其股票业务部一直在努力掀起范围更广的浪潮。
第三季度，交易性收入——尤其是加密货币交易——大幅放缓，Robinhood发出警告称，第三季度季节性不利因素和交易减少的情况可能持续到第四季度。
Robinhood的首席财务官杰森·沃尼克在与华尔街分析师进行的一次电话会议中说：“预计我们的增长是非线性的，其应该随着市场情况而上下波动。”
投资者们被这样的悲观评论吓到，在10月26日盘后交易中，该公司的股票下跌超过8%。
Robinhood当下预测，除非市场环境发生任何变化，否则第四季度的收入不会高于3.25亿美元，或者比去年同期获得的3.175亿美元收入稍高一点。另外，Robinhood称，其预计在2021年最后一个季度中会新增66万个资金账户，与第三季度增加的账户数量相差无几。
今年7月，纳斯达克（Nasdaq）的首次公开募股市场一片火爆。几个月后，Robinhood作出这样悲观的盈利指引。Robinhood第三季度的总收入为3.65亿美元，同比去年的2.7亿美元增长35%。占总体销售额份额最大的交易性收入增长了32%，达2.67亿美元。该数额主要是受到客户加密货币交易增长的推动，加密货币交易相关收入同比去年增长860%，达5100万美元。
第三季度，Robinhood每股净损失2.06美元，比华尔街担忧的情况好一些，因为根据标准普尔全球市场情报公司（S&P Global Market Intelligence）的数据，分析师的中位数估计为每股净损失达2.71美元。同时，每月活跃用户较去年同期增加76%，达1890万。
然而，与第二季度相比，Robinhood第三季度的结果大不相同。
加密货币交易收入连续下降78%，而股票和期货收入略有下降。净累计资金账户稍微下滑至2240万个。单个用户的平均收入从第二季度的112美元降至第三季度的65美元，减少了将近一半。
先前大获成功的Robinhood的高管确实提前发出了警告，称第三季度市场交易活动将减少。但是，10月26日的结果仍然让投资者大吃一惊。
Robinhood的联合创始人及首席执行官弗拉德·特内夫告诉分析师：“我们的旅途才刚刚开始。从历史角度来看，我们的增长将一波接一波的到来。”(财富中文网)
译者：郝秀
审校：汪皓
散户交易放缓可能持续到2022年，Robinhood正在做应对的准备。
过去一年半时间里，该线上券商是散户投资热潮中的最大受益者之一。在第二季度加密货币交易暴涨前，其股票业务部一直在努力掀起范围更广的浪潮。
第三季度，交易性收入——尤其是加密货币交易——大幅放缓，Robinhood发出警告称，第三季度季节性不利因素和交易减少的情况可能持续到第四季度。
Robinhood的首席财务官杰森·沃尼克在与华尔街分析师进行的一次电话会议中说：“预计我们的增长是非线性的，其应该随着市场情况而上下波动。”
投资者们被这样的悲观评论吓到，在10月26日盘后交易中，该公司的股票下跌超过8%。
Robinhood当下预测，除非市场环境发生任何变化，否则第四季度的收入不会高于3.25亿美元，或者比去年同期获得的3.175亿美元收入稍高一点。另外，Robinhood称，其预计在2021年最后一个季度中会新增66万个资金账户，与第三季度增加的账户数量相差无几。
今年7月，纳斯达克（Nasdaq）的首次公开募股市场一片火爆。几个月后，Robinhood作出这样悲观的盈利指引。Robinhood第三季度的总收入为3.65亿美元，同比去年的2.7亿美元增长35%。占总体销售额份额最大的交易性收入增长了32%，达2.67亿美元。该数额主要是受到客户加密货币交易增长的推动，加密货币交易相关收入同比去年增长860%，达5100万美元。
第三季度，Robinhood每股净损失2.06美元，比华尔街担忧的情况好一些，因为根据标准普尔全球市场情报公司（S&P Global Market Intelligence）的数据，分析师的中位数估计为每股净损失达2.71美元。同时，每月活跃用户较去年同期增加76%，达1890万。
然而，与第二季度相比，Robinhood第三季度的结果大不相同。
加密货币交易收入连续下降78%，而股票和期货收入略有下降。净累计资金账户稍微下滑至2240万个。单个用户的平均收入从第二季度的112美元降至第三季度的65美元，减少了将近一半。
先前大获成功的Robinhood的高管确实提前发出了警告，称第三季度市场交易活动将减少。但是，10月26日的结果仍然让投资者大吃一惊。
Robinhood的联合创始人及首席执行官弗拉德·特内夫告诉分析师：“我们的旅途才刚刚开始。从历史角度来看，我们的增长将一波接一波的到来。”(财富中文网)
译者：郝秀
审校：汪皓
Robinhood is bracing for a slowdown in retail trading that may last until 2022.
The online brokerage has been among the biggest beneficiaries of the flood of retail investing over the past 18 months, with its equities arm driving the broader wave until the second quarter, when cryptocurrency trading took off.
Now, following a third quarter in which transaction based revenues—particularly in crypto—dramatically slowed, Robinhood warned that seasonal headwinds and a decline in trading during the three months ending Sept. 30 may persist well into the fourth quarter.
"We expect our growth not to be linear," Robinhood CFO Jason Warnick said on a conference call with Wall Street analysts. "It should ebb and flow with market conditions."
Spooked by the downbeat comments, investors sent the company's shares tumbling more than 8% in after-hours trading on October 26.
Barring any changes to the market environment, the brokerage now forecasts fourth-quarter revenues of no higher than $325 million, or just a slight gain over the $317.5 million it collected during the same period last year. Robinhood additionally said it expects around 660,000 newly funded accounts in the final three months of 2021, roughly the same gain as in the third quarter.
The downbeat guidance comes months after a buzzy initial public offering on Nasdaq in July. Robinhood had total third-quarter revenues of $365 million, a 35% gain from the $270 million seen a year earlier. Transaction-based revenues, which accounted for the biggest part of overall sales, grew 32% to $267 million. That number was primarily helped by growth in customer cryptocurrency trading, which saw related revenues jump 860% year over year to $51 million.
Robinhood's net loss of $2.06 per share in the third quarter was not as bad as Wall Street feared, as analysts had a median estimate for a net loss of $2.71, according to S&P Global Market Intelligence. Meanwhile, monthly active users swelled 76% to 18.9 million from the prior-year period.
And yet, when compared to the second quarter, Robinhood's third-quarter results paint a vastly different picture.
Cryptocurrency transaction revenues fell 78% sequentially, while equities and options ticked slightly lower. Net cumulative funded accounts fell slightly to 22.4 million. And average revenues per user were nearly halved from $112 in the second quarter to $65 in the third quarter.
Executives of the high-flying brokerage did warn ahead of time that a dip in activity was imminent for the third quarter. However, investors were still surprised by October 26's results.
"We are still very early in our journey," cofounder and CEO Vlad Tenev told analysts. "Historically, our growth has come in waves."
