© AP

Robinhood saved its assets below custody distinctly regular in the third quarter, however also revealed it has misplaced greater than a 3rd of its lively users over the last yr.

Shares of the broker rose as plenty as 3 per cent in prolonged buying and selling after it posted a web loss far narrower than analysts expected, and beat the consensus forecast for revenues.

The company's assets beneath custody expanded slightly from the 2nd quarter, rising 1 per cent to $64.6bn, due to an increase in web deposits that changed into offset by a decline in equities.

"We remained concentrated on serving our shoppers and driving long-time period shareholder price in Q3," Robinhood chief economic officer Jason Warnick mentioned. "We additionally persevered to bring on our 2022 product roadmap, which helped retain consistent net funded accounts and power mighty web deposits."

Robinhood earned $63 in revenues per user, a little bit reduce than the $65 it earne d in the equal duration closing 12 months.

The outcomes come from a leaner Robinhood, which cut 23 per cent of its headcount in August, and having reduce 9 per cent of its employees previous in April.

Robinhood referred to it has also lost about one-third of its month-to-month active users, falling to 12.2mn in its third quarter from 18.9mn a yr ago.

Revenues came in at $361mn, beating analysts' expectations for $355.3mn, in accordance with a Refinitiv poll. It suggested a internet lack of $175mn, a ways narrower than expectations for $310.9mn.

Robinhood shares have shed about two-thirds of their cost during the past 12 months as the meme inventory frenzy has dwindled, equities have fallen, and cryptocurrency fees have stagnated.