Beginning on Sundays at 8 p.m., and lasting. Shares of Robinhood, which were sold at $38 a share in its initial public offering last year, were also caught in the crosshairs of the crypto meltdown and have shed nearly 88%.ĭon’t miss out on ET Prime stories! Get your daily dose of business updates on WhatsApp. Robinhood said its monthly active users declined to 15.9 million, down from 17.7 million in the year ago period and 17.3 million in the previous quarter. A blog post from Robinhood announced that next week, the platform will be implementing a 24/5 trading window. Robinhood's monthly active users also appeared to fall by roughly a third, at 14 million for June 2022 compared with 21.3 million in the second quarter of 2021.įintech stocks bore the brunt of a broader market decline as a risk-off environment coupled with higher funding costs and sluggish e-commerce growth led to traders pull back from high-growth tech so far this year. Transaction-based revenues across Robinhood's three main business lines of options, equities and cryptocurrencies fell 55%, with crypto transaction revenue, which had buffered the company's results last year, falling 75% year-on-year. The client told me that he received a call from someone in Kansas City. "As CEO, I approved and took responsibility for our ambitious staffing trajectory - this is on me," Tenev said. Im actually having the exact issue with a client of mine located in Dallas, TX. ![]() ![]() Robinhood Chief Executive Officer Vlad Tenev said in a blog post Tuesday that staff cuts earlier this year had not gone far enough. Robinhood is one of many fintech upstarts that have started slashing jobs ahead of an expected recession, along with crypto exchange Coinbase Global Inc., buy-now-pay-later company Klarna and NFT platform OpenSea, while a handful of crypto companies including Celsius Network and Voyager Digital collapsed amid the broader crypto crash. Robinhood's easy-to-use interface made it a hit among young investors trading from home on cryptocurrencies and stocks such as GameStop Corp during the COVID-19 pandemic.īut its customer base has been spooked by decades-high inflation and rising interest rates, which have sucked liquidity out of global markets and sent cryptocurrencies slumping.
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