What caused HOOD's Q3 earnings to miss forecasts?

Robinhood's Q3 earnings missed forecasts due to several factors:

1. **Incentives for Customer Assets**: HOOD offered incentives to customers to transfer their assets onto the platform, which reduced third-quarter net revenue by $27 million. This strategic move to attract customer assets came at the cost of short-term revenue, impacting the quarter's financial results.
2. **Cryptocurrency Market Dynamics**: While Robinhood's cryptocurrency revenue surged, the overall market dynamics and volatility in the cryptocurrency sector posed challenges. The company's crypto trading volumes and revenues, although increased year-over-year, were influenced by market fluctuations and regulatory environments.

In conclusion, HOOD's Q3 earnings miss was primarily due to the costs associated with incentivizing customer asset transfers and the volatile nature of the cryptocurrency market, despite significant revenue growth in other areas.