Robinhood Falls After Revenue Miss on Customer Promotion Program
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Robinhood Markets Inc. fell after the brokerage reported revenue that missed analyst estimates because of a customer promotion program that required the firm to offset a portion of the haul.
The company posted third-quarter net revenue of $637 million, less than the $663.5 million analysts predicted. Third-quarter net income was $150 million, which also missed forecasts for $169.8 million.