Slowing business forces big job cuts RobinhoodApp. MAUs fell again to 14M. They peaked one year ago at 21.3M mikeybellusci reports
saw transaction-based revenues fall 7% sequentially to $202 million, with a 19% decline in equities revenue and an 11% drop for options. Crypto was a modest bright spot, with revenue up 7% sequentially to $58 million.
Monthly average users suffered another sizable drop to 14 million, down from 15.9 million in Q1. MAUs peaked in Q2 of 2021 at 21.3 million. Adjusted EBITDA was a loss of $80 million in the second quarter, improving from a loss of $143 million a quarter earlier."We continue to challenge ourselves to reach a positive run-rate for Adjusted EBITDA by the end of 2022," said the company.
The company expects to occur about $30-$40 million in cash restructuring and related charges from employee severance and benefits costs.Shares are down about 3% in postmarket trading. The company earnings call is set for Wednesday afternoon after the close of trading.
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