Shares in Robinhood Markets Inc. dropped to a record low in late trading after the popular no-commission stock and cryptocurrency trading platform missed all estimates for the fourth straight quarter since going public in July.

For the quarter ended March 31, Robinhood reported a net loss of $392 million, or 45 cents per share, compared with a loss of $1.4 billion, or $6.26 per share, in the same quarter of last year. Revenue jumped 43%, to $299 million.

Analysts had expected a loss of 36 cents per share on revenue of $355.8 million. Shares in Robinhood dropped more than 11% after the bell. The company had gone public in July at $38 per share and has seen its share price drop ever since.

Despite the lower-than-expected results, there were some positives for the company in the quarter. Net cumulative funded accounts increased 27% from a year ago, to 22.8 million as of the end of March. The new accounts are said to have been driven by customer interest in investing in cryptocurrency.

However, monthly active users fell 10% year-over-year, to 15.9 million. Assets under custody increased 15% year-over-year, to $93.1 billion, but were down from $98 billion in Robinhood’s previous quarter.

Those using Robinhood also aren’t doing so as much as they once did. The average revenue per user in the quarter plunged 62% year-over-year, to $53, down 18% from the previous quarter.

Highlights in the quarter included Robinhood introducing the Robinhood Cash Card, a debit card that offers rewards to customers similar to a credit card. The company also extended trading hours in March, with users now able to trade between 7 a.m. and 8 p.m. EDT.

“We’re seeing our customers affected by the macroeconomic environment, which is reflected in our results this quarter,” Jason Warnick, chief financial officer of Robinhood, said in a statement. “At the same time, we’ve also made progress on our long-term plans and continue to pursue them aggressively.”

Robinhood did not provide an outlook, instead saying that it “is going to start reporting certain limited-purpose statistical and operational results on a monthly basis.” The first report regarding April will be available in mid-May.

Earlier this week, Robinhood announced that it was laying off 9% of its full-time employees because of “duplicated roles and job functions” following its rapid growth in 2021.

Photo: Robinhood