By Yasin Ebrahim
Investing.com -- Robinhood reported mixed quarterly results as second-quarter losses were wider than expected amid wild swings in markets that held back trading activity.
Robinhood Markets Inc (NASDAQ:HOOD) fell more than 3% in afterhours trading following the report.
The company reported a loss of $0.34 per share on revenue of $318 million. Analysts were expecting a loss of $0.32 on revenue of $315.9 million.
The wider losses come as a fall in monthly active users dented trading activity across options and equities holding back growth.
Monthly active users fell 1.9 million sequentially to 14.0 million for June 2022, as "customers navigated the volatile market environment," the company said.
Looking ahead, the company said total operating expenses, excluding share-based compensation, for full-year 2022 would be in the range of $1.70 billion to $1.76 billion, representing a decrease of approximately 7% to 10% from the prior year, reflecting the impact of job cuts and restructuring.
Robinhood Markets announced Tuesday it cut about 23% of its employees, with the bulk of layoffs concentrated in the company's operations, marketing and program management functions.