ROBINHOOD Q1Nasty as a weak stockmarket makes loses Worse
Robinhood Reports First Quarter 2022 Results
2022-04-28 16:01 ET - News Release
MENLO PARK, Calif., April 28, 2022 (GLOBE NEWSWIRE) -- Robinhood Markets, Inc. ("Robinhood") (NASDAQ: HOOD) today announced financial results for the first quarter, which ended March 31, 2022.
- Total net revenues decreased 43% to $299 million, compared with $522 million in the first quarter of 2021.
- Transaction-based revenues decreased 48% to $218 million, compared with $420 million in the first quarter of 2021.
- Options decreased 36% to $127 million, compared with $198 million in the first quarter of 2021.
- Cryptocurrencies decreased 39% to $54 million, compared to $88 million in the first quarter of 2021.
- Equities decreased 73% to $36 million, compared with $133 million in the first quarter of 2021.
- Net loss was $392 million, or $0.45 per diluted share, compared with net loss of $1.4 billion, or $6.26 per diluted share in the first quarter of 2021.
- Share-based compensation expense totaled $220 million for the first quarter of 2022, compared with $9 million for the first quarter of 2021. Share-based compensation for the first quarter of 2021 related entirely to stock options; no expense relating to restricted stock units was recognized because our initial public offering had not yet occurred.
- Net loss for the first quarter of 2021 also included total expense of $1.5 billion associated with the change in fair value of convertible notes and warrants issued in February 2021.
- Adjusted EBITDA (non-GAAP) was negative $143 million, compared with positive $115 million in the first quarter of 2021.