Stock and cryptocurrency trading app Robinhood is expecting its quarterly revenue to decrease based on significantly high trading volume earlier this year.
In an amendment to its Form S-1 filed with the United States Securities and Exchange Commission on Monday, Robinhood reported that its trading activity for January and February was "particularly high" but had dropped by the end of the second quarter of 2021. According to the trading app, it expects its Q3 2021 revenue to be lower "as a result of decreased levels of trading activity relative to the record highs in trading activity, particularly in cryptocurrencies."