Illustration by Alex Castro / The Verge
Robinhood’s transaction-based revenue in the second quarter of 2022 fell to $202 million from $451 million in the second quarter last year, a drop of more than half. The picture on the overall revenue isn’t much better: down 44 percent to $318 million from $565 million a year ago. Yes, about a quarter of the company is getting fired.
Hilariously, in the text of their earnings press release, they give sequential figures, noting that this quarter was better than last quarter. True but not the point!
Robinhood was the figurehead of the meme stock trading revolution, which reached public consciousness through the GameStop debacle. But as interest rates have risen and pandemic restrictions have eased,…