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HomeNewsDogecoin: Jim Cramer Says Robinhood Has Become A Dogecoin Gateway!

Dogecoin: Jim Cramer Says Robinhood Has Become A Dogecoin Gateway!

Robinhood Markets Inc. (NASDAQ: HOOD) trades lower today after the company released its second quarter financial results.

Decrease of $ 115 year over year

Robinhood reported quarterly revenues of $ 565 million, an increase of 131% year over year. The company reported average revenue per user of $ 112, a decrease of $ 115 year over year.

Robinhood also said it expects “seasonal headwinds and lower trading activity across the industry to result in lower revenues and significantly fewer new funded accounts.”

It’s surprising to see how much of the company’s revenue is from Dogecoin (CRYPTO: DOGE) came, said Jim Cramer on Wednesday on CNBC’s “Squawk On The Street”. Robinhood announced that in the second quarter, for the first time, a larger proportion of new customers made their first trade in cryptocurrencies rather than stocks.

It’s very clear that Robinhood has become a crypto company as opposed to a stock corporation, Cramer said, “If you peel the onion off Robinhood, it appears to be a Dogecoin gateway.”

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Many customers opened new accounts to trade Dogecoin, he said, adding that he didn’t think this would be sustainable. Cramer told CNBC that he would prefer new investors to like their money in a company Ford Motor Co (NYSE: F) instead of engaging in speculative trading in Dogecoin.

HOOD price action: On its last review Thursday, Robinhood fell 8.61% to $ 45.51.

Photo: Ivan Radic from Flickr.

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Hasan Sheikh
Hasan, who loves technology and games, is studying Computer Engineering at Delhi JNU. He has been writing technology news since 2016.


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