Trading platform Robinhood’s total revenue fell 18% in the past quarter. The only bright spot for the company is that its crypto revenues have increased.
Results 1st quarter 2022
Just two days after laying off 9% of its staff, Robinhood today announced its earnings for the first quarter of 2022 at. This data points to an ongoing downward pattern for the company’s revenues, but an increase in crypto revenues.
Robinhood reported total net sales of $299 million in the first quarter. This is nearly 18% lower than the $363 million reported for the fourth quarter of 2021. The revenue decline is even more pronounced when compared to the first quarter of 2021. At the time, the app had $522 million in net revenue.
However, despite the larger drop, Robinhood’s crypto division saw an increase from the previous quarter. There was a nearly 13% increase from $48 million in Q4 2021 to $54 million in Q1 2022.