Robinhood monthly active users fell to 17.3 million last quarter from 18.9 million in Q3.
They also reported a net loss of $423 million and $363 million in revenue. BTW, their IPO was at a $32B valuation. Looks like the dropping stock price is actually justified. Where are these users going? Cash App? Legacy trading platforms like Fidelity?
They became bankrupt
Cant trade when you’re margin called.
lol
I’m thinking of moving over to Fidelity from RH
They charge $75 to transfer, it is generally free of cost.
Not true. Most brokerage firms charge an accounts transfer fee.
Better and less expensive discount brokers. Surprised they still he 17.3m
People lost money trading meme stocks and growth stocks and moved to ETFs and passive investing with Schwab Vanguard Fidelity etc
It will be interesting to find out the average portfolio value of Robinhood users. I’m guessing Robinhood users aren’t very sticky and also don’t have large funds/big investments for long duration of time.
Wait, do they not report AUM?
^This
Bear market = less users
Stopped using them when they started delaying transfers from bank account. No reason for transfers and settlement to take 3-5days. I use Chase now and it's instant.
This. Started using chase too and so far it is good. F Robinhood.
Interesting. Fidelity also takes time to settle. I didn't know there were free instant transfer options.
Vanguard, Fidelity, E*trade, etc