Robinhood Markets Inc, the brokerage at the center of last year's retail trading frenzy, posted a 43 per cent fall in first-quarter revenue on Thursday as transaction volumes declined across asset classes.
Trading volumes have tempered from last year's frenetic pace when retail investors used its platform to pump money into shares of so-called meme stocks including GameStop and AMC Entertainment. The slowdown comes as the COVID-19 pandemic-era trend of retail trading takes a dive in the backdrop of rising vaccination rates that have allowed economies to reopen and restrictions on leisure activities to be withdrawn.
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