(Boursier.com) — robinhood is under pressure ahead of trading on Wall Street (-11%) after the online brokerage app missed the earnings and revenue consensus. The firm recorded an adjusted loss of $392 million for the quarter ended at the end of March, or $0.45 per share against $0.36 expected, for revenues of $299 million, against $522 million a year earlier. and consensus $352.93 million. The number of monthly active users (MAUs) fell 10% to 15.9 million in March from 17.7 million a year earlier, a period in which the trading app had seen trading volumes and record account openings with the madness of ‘meme actions’.
“We see our clients affected by the macro environment, which is reflected in our results this quarter,” said Jason Warnick, Chief Financial Officer of Robinhood Markets. “At the same time, we have also made progress on our long-term plans and continue to pursue them aggressively.”
While enthusiasm from retail investors helped drive Robinhood’s IPO last July, it remains to be seen if they’ll stick around to use a variety of new features the company is rushing to develop (spending account, loans stocks, crypto wallets, etc.). Robinhood, which will no longer provide revenue forecasts, will release metrics on a monthly basis, to give investors a more detailed picture of its trading volumes and active users, as well as other aspects of the business.
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