STORY – The new broker was one of the stars of the pandemic. The stock has melted by 70% and it is laying off 10% of its workforce.
Robinhood’s fall is as abrupt as its meteoric rise was. The American platform that makes stock trading accessible to private individuals published its worrying quarterly results on Thursday. Number of users, revenue, profit… all indicators are in the red. The results are even worse than analysts expected. In the first quarter, revenue fell to $300 million (-43% year over year) and the average number of users fell to 15.9 million (-10%). As a direct result of the difficulties, Robinhood announced on Wednesday that it would have to lay off 9% of its workforce, or more than 300 people.
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It is the fifth consecutive quarter of decline for the company that had benefited greatly from the pandemic. Hundreds of millions of people were locked up in 2020 and 2021. To escape the boredom and make some money, some have turned to trading apps like Robinhood…
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