Robinhood's stock experienced a drop of up to 7% on Thursday subsequent to the release of its latest earnings report, which revealed a decrease of approximately 1 million monthly active users during the second quarter.
Robinhood, $HOOD, July monthly active users 11.0 million, -17% year/year
8/17/2023
The earnings report disclosed that Robinhood's average monthly active users declined to 10.8 million in the last quarter, marking a decrease from 11.8 million in the first quarter and a significant drop from the peak of over 21 million.
Transaction-based revenues also saw a decline of 7% on a quarterly basis, totaling $193 million. This decline was driven by decreases of 5% in options transactions, 18% in cryptocurrencies, and 7% in equities transactions.
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