By Sam Boughedda
Investing.com -- Robinhood (NASDAQ:HOOD) Markets stock dropped 8% in extended trading after the company reported first-quarter earnings that missed earnings and revenue forecasts.
The brokerage reported a net loss per share of 45 cents on revenue of $299 million. Analysts polled by Investing.com expected a loss per share of 37 cents on revenue of $354.59 million. Revenue decreased 43% from the $522 million reported in the first quarter of 2021.
Transaction-based revenues decreased 48% to $218 million, led by a 73% decline in equities transaction-based revenue.
Monthly Active Users (MAU) decreased 10% to 15.9 million for March 2022, compared with 17.7 million for March 2021, while Average Revenues Per User (ARPU) decreased 62% to $53, compared with $137 in Q1 last year.
The company said customers were affected by the macroeconomic environment, which was reflected in its results this quarter.
"With the introduction of the Robinhood Cash Card, the release of crypto wallets to all customers, the addition of new coins to our platform, and our agreement to acquire Ziglu Limited, we’ve made huge strides against our roadmap. Looking ahead, we have a suite of new products and services slated for release that we believe will excite and delight our customers," stated Vlad Tenev, CEO and Co-Founder of Robinhood Markets .
Due to a change in its reporting, Robinhood said they "no longer intend to provide revenue guidance."