Robinhood's stock plunges sharply, suffering its worst daily loss in nearly two years.

Shares of the famous cryptocurrency trading platform Robinhood Markets dropped sharply, falling more than 16% in U.S. market trading on Thursday, after the digital platform released its third-quarter financial performance report, which came in slightly below Wall Street estimates.

According to the financial results, net revenue surged by 36% to $637 million during the third quarter, which was below the expectations of Wall Street analysts from an LSEG survey, who predicted a rise in net revenue to $657.9 million.

Earnings per share for Robinhood in the third quarter reached 17 cents, slightly lower than Wall Street estimates, which anticipated an earnings per share increase to 18 cents.

Following the release of the quarterly financial performance report, Robinhood's stock (NasdaqGS: HOOD) dropped about 16% during trading on the U.S. stock market, losing more than $4. The stock is heading toward its worst daily loss since November 9, 2022, trading near the level of $23.66.