A decline in crypto-activity has led revenue at Robinhood Markets Inc. to plummet in the third quarter from the previous one.Cryptocurrency trading has tumbled 78% from $233 million in the previous quarter to $51 million. Robinhood has previously warned that seasonal trading patterns could weigh on revenue and account in the quarter. During the COVID-era, Robinhood benefited from the retail-trading trend that sent stocks and cryptocurrencies soaring. But, seasonal slowdowns are currently observed, as vaccine rollouts in the US help the country ease restrictions on the pandemic that allows activities like sports and other entertainment to resume.On a call with analysts, Robinhood Chief Executive Officer Vlad Tenev said:“Looking back at Q2, we saw a huge interest in crypto, especially doge, leading to large numbers of new customers joining the platform and record revenues.”However, the company primarily missed analyst revenue expectations, recording a revenue of $365 million, a 35% drop versus $565 million in the previous quarter.Robinhood’s shares, which made its trading debut in July, fell roughly 8.4% to $36.25 in after-hours trading, sliding below their initial offering of $38 a share.The company said that they expect seasonal slowdowns to persist in the fourth quarter and will be focussing on user products.Learn more about traditional stock trading with MEXEM.Resources: https://www.reuters.com/technology/robinhood-revenue-more-than-doubles-crypto-trading-boom-2021-08-18/ https://www.investing.com/news/stock-market-news/robinhood-quarterly-revenue-jumps-on-crypto-trading-boost-2656153