散戶交易放緩可能持續(xù)到2022年,Robinhood正在做應(yīng)對(duì)的準(zhǔn)備。
過去一年半時(shí)間里,該線上券商是散戶投資熱潮中的最大受益者之一。在第二季度加密貨幣交易暴漲前,其股票業(yè)務(wù)部一直在努力掀起范圍更廣的浪潮。
第三季度,交易性收入——尤其是加密貨幣交易——大幅放緩,Robinhood發(fā)出警告稱,第三季度季節(jié)性不利因素和交易減少的情況可能持續(xù)到第四季度。
Robinhood的首席財(cái)務(wù)官杰森·沃尼克在與華爾街分析師進(jìn)行的一次電話會(huì)議中說:“預(yù)計(jì)我們的增長(zhǎng)是非線性的,其應(yīng)該隨著市場(chǎng)情況而上下波動(dòng)。”
投資者們被這樣的悲觀評(píng)論嚇到,在10月26日盤后交易中,該公司的股票下跌超過8%。
Robinhood當(dāng)下預(yù)測(cè),除非市場(chǎng)環(huán)境發(fā)生任何變化,否則第四季度的收入不會(huì)高于3.25億美元,或者比去年同期獲得的3.175億美元收入稍高一點(diǎn)。另外,Robinhood稱,其預(yù)計(jì)在2021年最后一個(gè)季度中會(huì)新增66萬個(gè)資金賬戶,與第三季度增加的賬戶數(shù)量相差無幾。
今年7月,納斯達(dá)克(Nasdaq)的首次公開募股市場(chǎng)一片火爆。幾個(gè)月后,Robinhood作出這樣悲觀的盈利指引。Robinhood第三季度的總收入為3.65億美元,同比去年的2.7億美元增長(zhǎng)35%。占總體銷售額份額最大的交易性收入增長(zhǎng)了32%,達(dá)2.67億美元。該數(shù)額主要是受到客戶加密貨幣交易增長(zhǎng)的推動(dòng),加密貨幣交易相關(guān)收入同比去年增長(zhǎng)860%,達(dá)5100萬美元。
第三季度,Robinhood每股凈損失2.06美元,比華爾街擔(dān)憂的情況好一些,因?yàn)楦鶕?jù)標(biāo)準(zhǔn)普爾全球市場(chǎng)情報(bào)公司(S&P Global Market Intelligence)的數(shù)據(jù),分析師的中位數(shù)估計(jì)為每股凈損失達(dá)2.71美元。同時(shí),每月活躍用戶較去年同期增加76%,達(dá)1890萬。
然而,與第二季度相比,Robinhood第三季度的結(jié)果大不相同。
加密貨幣交易收入連續(xù)下降78%,而股票和期貨收入略有下降。凈累計(jì)資金賬戶稍微下滑至2240萬個(gè)。單個(gè)用戶的平均收入從第二季度的112美元降至第三季度的65美元,減少了將近一半。
先前大獲成功的Robinhood的高管確實(shí)提前發(fā)出了警告,稱第三季度市場(chǎng)交易活動(dòng)將減少。但是,10月26日的結(jié)果仍然讓投資者大吃一驚。
Robinhood的聯(lián)合創(chuàng)始人及首席執(zhí)行官弗拉德·特內(nèi)夫告訴分析師:“我們的旅途才剛剛開始。從歷史角度來看,我們的增長(zhǎng)將一波接一波的到來。”(財(cái)富中文網(wǎng))
譯者:郝秀
審校:汪皓
散戶交易放緩可能持續(xù)到2022年,Robinhood正在做應(yīng)對(duì)的準(zhǔn)備。
過去一年半時(shí)間里,該線上券商是散戶投資熱潮中的最大受益者之一。在第二季度加密貨幣交易暴漲前,其股票業(yè)務(wù)部一直在努力掀起范圍更廣的浪潮。
第三季度,交易性收入——尤其是加密貨幣交易——大幅放緩,Robinhood發(fā)出警告稱,第三季度季節(jié)性不利因素和交易減少的情況可能持續(xù)到第四季度。
Robinhood的首席財(cái)務(wù)官杰森·沃尼克在與華爾街分析師進(jìn)行的一次電話會(huì)議中說:“預(yù)計(jì)我們的增長(zhǎng)是非線性的,其應(yīng)該隨著市場(chǎng)情況而上下波動(dòng)。”
投資者們被這樣的悲觀評(píng)論嚇到,在10月26日盤后交易中,該公司的股票下跌超過8%。
Robinhood當(dāng)下預(yù)測(cè),除非市場(chǎng)環(huán)境發(fā)生任何變化,否則第四季度的收入不會(huì)高于3.25億美元,或者比去年同期獲得的3.175億美元收入稍高一點(diǎn)。另外,Robinhood稱,其預(yù)計(jì)在2021年最后一個(gè)季度中會(huì)新增66萬個(gè)資金賬戶,與第三季度增加的賬戶數(shù)量相差無幾。
今年7月,納斯達(dá)克(Nasdaq)的首次公開募股市場(chǎng)一片火爆。幾個(gè)月后,Robinhood作出這樣悲觀的盈利指引。Robinhood第三季度的總收入為3.65億美元,同比去年的2.7億美元增長(zhǎng)35%。占總體銷售額份額最大的交易性收入增長(zhǎng)了32%,達(dá)2.67億美元。該數(shù)額主要是受到客戶加密貨幣交易增長(zhǎng)的推動(dòng),加密貨幣交易相關(guān)收入同比去年增長(zhǎng)860%,達(dá)5100萬美元。
第三季度,Robinhood每股凈損失2.06美元,比華爾街擔(dān)憂的情況好一些,因?yàn)楦鶕?jù)標(biāo)準(zhǔn)普爾全球市場(chǎng)情報(bào)公司(S&P Global Market Intelligence)的數(shù)據(jù),分析師的中位數(shù)估計(jì)為每股凈損失達(dá)2.71美元。同時(shí),每月活躍用戶較去年同期增加76%,達(dá)1890萬。
然而,與第二季度相比,Robinhood第三季度的結(jié)果大不相同。
加密貨幣交易收入連續(xù)下降78%,而股票和期貨收入略有下降。凈累計(jì)資金賬戶稍微下滑至2240萬個(gè)。單個(gè)用戶的平均收入從第二季度的112美元降至第三季度的65美元,減少了將近一半。
先前大獲成功的Robinhood的高管確實(shí)提前發(fā)出了警告,稱第三季度市場(chǎng)交易活動(dòng)將減少。但是,10月26日的結(jié)果仍然讓投資者大吃一驚。
Robinhood的聯(lián)合創(chuàng)始人及首席執(zhí)行官弗拉德·特內(nèi)夫告訴分析師:“我們的旅途才剛剛開始。從歷史角度來看,我們的增長(zhǎng)將一波接一波的到來。”(財(cái)富中文網(wǎng))
譯者:郝秀
審校: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."