Robinhood sees a 43% revenue drop in Q1 2022
<img width="250" height="151" src="https://www.leaprate.com/wp-content/uploads/2022/04/Robinhood-Markets-black-250x151.jpg" class="webfeedsFeaturedVisual wp-post-image" alt="Robinhood" style="float: left; margin-right: 5px;" link_thumbnail="" loading="lazy" srcset="https://www.leaprate.com/wp-content/uploads/2022/04/Robinhood-Markets-black-250x151.jpg 250w, https://www.leaprate.com/wp-content/uploads/2022/04/Robinhood-Markets-black-700x422.jpg 700w, https://www.leaprate.com/wp-content/uploads/2022/04/Robinhood-Markets-black-768x463.jpg 768w, https://www.leaprate.com/wp-content/uploads/2022/04/Robinhood-Markets-black-120x72.jpg 120w, https://www.leaprate.com/wp-content/uploads/2022/04/Robinhood-Markets-black-245x148.jpg 245w, https://www.leaprate.com/wp-content/uploads/2022/04/Robinhood-Markets-black-500x301.jpg 500w, https://www.leaprate.com/wp-content/uploads/2022/04/Robinhood-Markets-black.jpg 880w" sizes="(max-width: 250px) 100vw, 250px" /><h2>Client numbers were also down</h2>
<p>Robinhood saw significant drops in client metrics, as well. Monthly active users on the platform decreased 10% to 15.9 million for March 2022, compared with 17.7 million for March the previous year. The numbers were also down 8% form the end of December 2021. The broker attributed the decline to users with lower balances, who are engaging less in the current market environment.</p>
<p>The average revenue per user fell 62% to $53.</p>
<p>Robinhood’s Chief Financial Officer, Jason Warnick said:</p>
<blockquote><p>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.</p></blockquote>
<p>The quarterly metrics report follows the broker’s announcement of a 9% layoff of its staff. The company’s shares are also trading near an all-time low since <a target="_blank" href="https://www.leaprate.com/tag/robinhood/" rel="noopener">Robinhood</a>’s IPO last year.</p>
<p>However, the company continued its international expansion by acquiring UK-licensed <a target="_blank" href="https://www.leaprate.com/cryptocurrency/robinhood-to-acquire-uk-digital-currency-firm-ziglu/" rel="noopener">crypto company, Ziglu.</a></p>
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