![]() On Tuesday, Robinhood said it will cut its full-time workforce by about 9%, citing "duplicate roles and job functions" for the layoffs. "This story was the story of two competing forces - our accelerating product development juxtaposed against a difficult macroeconomic climate," Tenev said. Options trading was the biggest area of revenue at $127 million, down from $198 million a year ago. Those numbers were $88 million and $133 million, respectively, a year ago. In the first quarter, revenue from crypto trading declined to $54 million, but that surpassed the $36 million from equities trading. Robinhood also rolled out crypto wallets to customers earlier in April. The company announced in late March that it had expanded extended trading hours. In an effort to jumpstart revenue and user growth, Robinhood has been introducing new products and features. Though trading is free from the customer's perspective, Robinhood earns a spread on the trades that it sends to large trading houses. The brokerage's main source of revenue is a practice known as payment for order flow. The company's average revenue per user came in at $53, down from $137 a year prior and $64 in the previous quarter. Robinhood said its monthly active users declined to 15.9 million, down from 17.7 million in the year ago period and 17.3 million in the previous quarter. Revenue fell 43% from a year ago to $299 million. ![]() $355.8 million expectedįor the three months ended March 31, Robinhood said its loss narrowed to $392 million, or 45 cents per share, from a loss of $1.4 billion, or $6.26 per share, a year ago. Here's what the company reported compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv: "With the uncertainty in the market, our customers became more cautious with their portfolios." "Our larger customers are still remaining active, but we are seeing more pronounced declines from those that have lower balances," CEO Vlad Tenev said on a conference call with investors and analysts. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit
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