Robinhood quarterly revenue drops by almost half

Illustration by Alex Castro / The Verge

Revenue from transactions fell to $202 million in the second quarter of 2022, from $451 million in the second quarter of last year. Revenue is down 44 percent to $318 million from $565 million a year ago. About 25% of the company is getting fired.

The text of their earnings press release states that this quarter was better than the last one. The point is not true.

The meme stock trading revolution was led by Robinhood. Retail traders seem to have lost interest in the market as interest rates have gone up. Money could be either.

The monthly active users $$$[ $$$[ decreased to 14 million in the second quarter from 15 million in the first quarter. The company reported 21.3 million users in the second quarter of 2021.

The assets under custody fell by a third in the first quarter. The company had $102 billion in assets under custody. I find it odd that the earnings are using sequential quarters instead of the traditional year over year method. The numbers are not good.

The chief product officer is going somewhere else. An advisor will be served by Aparna Chennapragada until January 23,23. She was the first chief product officer at the company.

Tomorrow is the quarter's earnings call.

There is a new update on August 2nd.