Sales rose to $3.84 billion in the quarter - a 27% year-over-year rise. Why It Matters: Square’s Q3 earnings per share amounted to $0.37, compared with an estimate of $0.39. In late October, Robinhood Markets Inc (NASDAQ: HOOD) also noted a fall in "crypto activity" in its third-quarter numbers attributing the decline to a fall in demand for Dogecoin (CRYPTO: DOGE). “Compared to the second quarter of 2021, bitcoin revenue and gross profit decreased on a, driven primarily by relative stability in the price of bitcoin, which affected trading activity compared to prior quarters,” said Square in its letter to shareholders. On a quarter-over-quarter basis, Square’s BTC revenue declined 33.08% while gross profit fell 23.64%. In the preceding quarter, Cash App generated $2.72 billion of BTC revenue and $55 million in BTC gross profit. What Happened: The Jack Dorsey-led company said in its Q3 earnings letter that the Cash App generated $1.82 billion of BTC revenue in the period - a rise of 11% year-over-year - while gross profit rose 29% year-over-year to $42 million.Ĭash App’s gross profit rose to $512 million, which is an increase of 33% year-over-year. While Robinhood has not benefited from the larger August heat wave for meme stocks thanks in part to that residual enmity, it looks to be joining in the party now after retail investors digested the trading platform’s first quarterly earnings and reasoned that there might be more there than meets the eye.Square Inc’s (NYSE: SQ) Cash App third-quarter revenue from Bitcoin (CRYPTO: BTC) fell over 33% compared to the previous quarter. The company’s CFO, Jason Warnick, told CNBC just last week that, “It doesn’t resonate with me to call Robinhood a meme stock.” Robinhood has not tried to court retail investors, choosing instead to go quite the opposite way. That lack of retail support has been evident in Robinhood stock, which spiked by more than 100% in its first few days of trading before giving back more than 40% of those gains by August 4. Shares in Robinhood popped more than 9% on Tuesday despite no real news, but there was increased social media chatter around the stock on Monday and Tuesday, indicating that retail investors are warming to the company despite Robinhood’s decision to pull the plug on trading in January’s meme stock short squeeze that made GameStop and AMC household ticker symbols in the first place. The meta-meme no-fee trading app that has a troubled history with retail traders, but which also made it clear last week it does not see itself as a meme stock at all. The stories were similar for BlackBerry and Clover which both spiked more than 9% on massive social media volume increases.įor GameStop, which closed above $200 a share for the first time since early July, much of the social media chatter revolved around speculation that another squeeze had started on the still-heavily shorted stock.ĪMC fans were also thrilled by talk on Reddit predicting that the stock might go past $60 a share by the end of the week, coming close to all-time high of $62.55.īut another stock pumped higher so far this week on retail investor sentiment is Robinhood Meanwhile AMC closed up more than 20% thanks to a social media spike of more than 600%. GameStop soared by more than 27.5% Tuesday as retail investors pushed social media volume on the stock up by more than 2,000% at one point, according to data from HypeEquity.