Robinhood fell out of favor with retail investors in the first quarter of 2022, down 43%.
Robinhood fell sharply in the first quarter of the year, according to the company’s latest financial reports. According to the report, the downward trend of the crypto market caused such a result.
The first quarter report revealed that the company’s total net income was $299 million, down 43% compared to $522 million in the first quarter of 2021. Revenue from crypto trading also fell 39% to $54 million.
The company reported a net loss of $0.45 per share, compared to 6.26 a year ago.
The company’s monthly active users decreased by 10% to 15.9 million.
CEO Vlad Tenev said that perhaps for the first time his clients are experiencing the opposite of “low interest rates, low inflation and emerging markets”, emphasizing that the results reflect macroeconomic change.
Dogecoin was a major contributor to the company’s revenues. DOGE, which made a big hit by reaching the ATH level last year, is now far behind the ATH level.
Robinhood has promised “long-term growth,” but the company recently announced it was laying off 9% of its employees.
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