(Robinhood) Robinhood stock plunged more than 11% after reporting revenues of $299 million in the first quarter of 2022, 43% lower than the comparable quarter of 2021.
The brokerage firm said that its transaction-based revenues fell by 48% to $218 million in the first quarter, while options revenue declined by 36% to $127 million.
Crypto revenues were down by 39% to $54 million, while equities revenue edged lower by 73% to $36 million.
Despite the revenue fall, Robinhood managed a net loss of $392 million in the quarter, down from a loss of $1.4 billion in the prior year.
Robinhood also posted declines in its Monthly Active Users, which edged lower by 10% to 15.9 million in March from the prior year. The Average Revenue Per User fell 62% to $53.
HOOD: NASDAQ is down -11.50% on premarket
