Robinhood shares plunged 11% in the aftermarkets to an all-time low of $9, after a weak quarterly report. First quarter revenue was down over 43%, while the company reported a 45¢ EPS loss that was larger than the 38¢ loss expected by the Street. Revenue of just under $300 million came in below the $353 million expected by sell-side analysts.

Furthermore, the CFO of the company alluded to a challenging macro environment for the company given the sharp rise in interest rates. Average revenue per used dropped 62% year on year to $53, while monthly active users declined by 10% to 15.9 million.

The stock is down over 75% from its July 2021 IPO price of $38. The first quarter loss prompted the company to cut 9% of its full-time staff, mostly in the compliance and operations departments. Despite rapid revenue growth, Robinhood has struggled to maintain profitability due to a large expansion away from its core products.

On a plus, the brokerage firm has expanded its product offering, with the company readying additional features such as spending accounts, debit cards, crypto wallets, retirement accounts and stock lending to turn itself into a financial “super-app”.