Robinhood Markets Inc. said users have become more cautious about their investments this year amid a challenging macro environment, weighing on its cryptocurrency-trading revenue.
First-quarter crypto revenue fell 39% from a year earlier to $54 million, the online brokerage said Thursday in a statement. That missed the $56.1 million average estimate of 11 analysts surveyed by Bloomberg. Total net revenue fell 43% from a year ago. Shares tumbled 11% in post-market trading at 6:15 p.m. in New York.
