The end of 2021 didn’t bode well for Robinhood. The company reported its fourth-quarter financial results on Thursday, posting a loss of $423 million for the quarter, compared with net income of $13 million for the same period last year. Monthly active users on the trading platform also fell to 17.3 million in the fourth quarter, down from 18.9 million in the third quarter. Robinhood’s stock dropped 12% in after-hours trading to $10 following the earnings call.
The company’s crypto business also struggled. Robinhood reported revenue of $48 million from crypto transactions, a 6% decline from what it made in the third quarter and a 79% decrease from its second-quarter crypto revenue of $233 million.