ICYMI: Robinhood sees a decline in revenue and active users in Q1, 2022; will $SHIB listing save the day? SHIB ShibaInu SHIBArmy
, Robinhood reports a decline in revenue and active users. Monthly active users fell to 15.9 million, down from 17.7 million a year ago and 17.3 million the prior quarter. The average revenue per user fell to $53, down from $137 a year ago and $64 the prior quarter.
Similarly, overall net revenue fell 43% to $299 million compared to $522 million in the first quarter of 2021. According to the retail brokerage, crypto trading revenue fell 39% to $54 million, although it still outpaced the equities trading revenue of $36 million. A year ago, the figures for crypto and equities were $88 million and $133 million, respectively.
"We're seeing our customers affected by the macroeconomic environment, which is reflected in our results this quarter," said Jason Warnick, Chief Financial Officer of Robinhood Markets."At the same time, we've also made progress on our long-term plans and continue to pursue them aggressively." To boost revenue and user growth, Robinhood has been introducing new products and features. In late March, the company stated that it has expanded its extended trading hours.Robinhood began rolling out crypto wallets to the more than two million people on its waitlist in early April and recently finished its entire rollout to all consumers. It agreed to buy Ziglu Ltd, a cryptocurrency platform based in the United Kingdom, earlier this month.
Additionally, Robinhood recently listed four new coins: Compound, Polygon, Solana and Shiba, Inu with more to come in the future.Shiba Inu gained a lot of popularity amid its breathtaking rally in 2021. It quickly rose to become one of the most valuable cryptocurrencies in terms of market capitalization.
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