Robinhood Markets, Inc has released its financial results for the fourth quarter and the full year 2022.
The American broker’s total net revenue for the three months between October and December 2022 came in at $380 million, 5% up from the third quarter of the year.
Q4 2022 net loss was significantly decreased compared to the previous year’s $423 million and was lower compared to previous quarter at $175 million. The numbers for the final quarter of 2022 reached $166 million.
Monthly Active Users in the final three months of the year decreased by 0.8 million to 11.4 million, as customers continued to navigate the volatile market.
Robinhood reported that net revenues for the full year 2022 came in at $1.36 billion. The figure registered a 25% decrease compared to the previous year’s $1.82 billion.
Net loss for last year was $1.03 billion, falling 72% from 2021’s $3.69 billion.
Robinhood co-founders, Vlad Tenev and Baiju Bhatt, announced cancelling nearly $500 million of their share-based compensation to support the company.
Vlad Tenev, the CEO and Co-Founder of Robinhood Markets, commented:
We’re now starting to see meaningful traction on a number of the products we launched, which gives us confidence they can grow into significant business lines over time. Additionally, co-founder Baiju Bhatt and I announced today that we cancelled nearly $500 million of our share-based compensation to ensure the company has as many resources as possible to deliver value to customers and shareholders.
