Robinhood Falls 6% Following Trading Volume, Active Users Dipping In July
Robinhood Markets, Inc. (Nasdaq: HOOD) announced its operating data for July 2022 last night after the bell. The retail exchange saw its monthly active users decline by 6% month-on-month and 33% year-on-year.
The company also saw declines across its traded products, with crypto recording the biggest drop from its year-ago counterpart.
The decreases continue the trend for the trading exchange after it reported underwhelming Q2 2022 results, toplined by a sequential decline of 11.9% in monthly active users, 31.0% in assets under custody, and 31.3% in average account balance.
Following the release, the firm opened to a 6% decline in its share price after the bell.
Meanwhile, the crypto platform saw its funded accounts plateau at 22.9 million from a month ago, albeit its a 2% increase from last year. While assets under custody grew by 16% from June, this is still a 21% decline from the year ago period.
Robinhood last traded at US$9.52 on the Nasdaq.
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