Robinhood Net Revenue Slided 43% With Crypto Trading Down 39%
The millennial-focused exchange Robinhood has experienced a sharp decline in trading activities for Q1 2022, according to the company’s latest financial report. The broader crypto market remaining bearish and the recent global equity selloffs have contributed to the disappointing financial figures, the report suggested.
Similar to most high-growth tech firms, Robinhood has struggled with profitability – but it has substantially trimmed its loss over the year. The company reported a net loss of $392 million or $0.45 per share compared to $1.4 billion or $6.26 per share a year ago. However, Wall Street had expected a net loss of $0.36 per share, according to IBES data from Refinitiv.The company’s Adjusted EBITDA (non-GAAP) was negative $143 million – another striking decline from a positive $115 million recorded a year ago.
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