It’s been a rough 24 hours for Robinhood. The trading company posted its Q1 2022 results yesterday–and things were not good. As The Wall Street Journal reports, Robinhood had its fifth consecutive quarterly drop. Revenue declines 43% to $299 million for a total loss for the quarter of $392 million.
It also got hit hard when it comes to its user base. The company’s monthly active users (MAUs) fell 10% from 17.7 million to 15.9 million. Those numbers sent the stock crashing. The company’s shares hit an all-time low, and, at the time of this writing in pre-market trading, HOOD shares are down 11.5% to $8.93 per share.
That’s a far cry from Robinhood’s all-time high of $85 per share in August 2021, shortly after its IPO.
Announcing the disappointing results, Robinhood CFO Jason Warnick said, “We’re seeing our customers affected by the macroeconomic environment, which is reflected in our results this quarter. At the same time, we’ve also made progress on our long-term plans and continue to pursue them aggressively.”
The company’s CEO, Vlad Tenev, instead focused on the positives, saying, “This quarter saw our product development engine gain velocity with the rollout of some of our most requested features and capabilities. With the introduction of the Robinhood Cash Card, the release of crypto wallets to all customers, the addition of new coins to our platform, and our agreement to acquire Ziglu Limited, we’ve made huge strides against our roadmap. Looking ahead, we have a suite of new products and services slated for release that we believe will excite and delight our customers.”