UPS chief puts data center logistics opportunity at $15 billion a year
Carol Tome sees demand lasting decades as UPS pursues higher-margin work and reshapes its delivery network.
Robinhood quarterly profit drops as cryptocurrency trading slows
Shares fell 3.4% after hours, even as equities, options and prediction markets helped lift transaction-based revenue.
Robinhood Markets said on October 27 that its third-quarter profit declined to $476 million, or 51 cents per share, as slower cryptocurrency trading weighed on growth. The company earned $556 million, or 61 cents per share, in the comparable period a year earlier.
For the quarter ended September 30, transaction-based revenue reached $867 million, an increase of about 19%. Trading in equities, options and prediction markets supported that growth despite the weakness in cryptocurrency activity. Robinhood shares lost 3.4% in after-hours trading.
The results came against a backdrop of volatile cryptocurrency markets and persistent outflows. Inflation pressures and higher interest rates have made traditional investments, including bonds, more attractive relative to speculative assets.
Middle East tensions also unsettled global markets during the quarter. Investors responded by adjusting their portfolios and hedging risks, helping to increase trading activity across brokerage platforms.