For the first quarter of 2022, Robinhood Markets, Inc. anticipates that total net revenues will be less than $340 million, which assumes some incremental improvement in trading volumes versus what have seen so far. At the top end, this implies a year-over-year revenue decline of 35% compared to the first quarter of 2021, during which they saw outsized revenue performance due to heightened trading activity, particularly relating to certain meme-stocks. Actual results for total net revenues might differ materially from outlook.

Total net revenues are highly sensitive to the number and timing of new funded accounts, the number of trades made by customers, the notional amount of trading volume per customer, and market environment or other exogenous events, all of which are affected by general market conditions, consumer sentiment, and other factors.