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Just two days after laying off 9% of its workforce, Robinhood today announced its Q1 2022 earnings, which suggest a continued downward pattern for the overall business—but an uptick in crypto revenue for the quarter.
Overall, Robinhood reported total net revenues of $299 million for the quarter, down nearly 18% from the $363 million reported for Q4 2021. It’s an even more dramatic dip compared to this time last year, when the stock and crypto trading app notched $522 million in net revenue.
Despite the larger slip, however, Robinhood’s crypto division actually saw an increase from last quarter, jumping nearly 13% from $48 million in Q4 2021 to $54 million in Q1 2022.
Again, the year-over-year comparison is even unfavorable for Robinhood here, as it recorded $88 million in crypto revenue in Q1 2021 on the back of Dogecoin hype early last year. That’s a 39% drop from the same time last year.
Overall, Robinhood reported a net loss of $392 million for the business this quarter, down from $420 million in Q4 2021—and down significantly from a loss of $1.4 billion in the first quarter of last year.
Robinhood’s initial report doesn’t go into much detail about the status of its cryptocurrency business, but the firm will hold an earnings call this afternoon.
The report mentions the recent additions of Solana, Shiba Inu, Polygon, and Compound, however, along with plans to support Bitcoin’s Lightning Network for payments.
On Tuesday, Robinhood CEO Vlad Tenev announced that the firm would lay off between 300 and 350 employees, or about 9% of its workforce, after its once-massive growth had slowed. However, Robinhood still had several crypto positions listed at the time, and said that it planned to launch new crypto products in the year ahead.
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