Online trading platform Robinhood Markets (HOOD) is seeing a surge in its user base. In its May metrics, the company reported 27.7 million funded customers, which reflected an increase of approximately 1.76 million year-over-year (YOY). At the end of the month, Robinhood had $377 billion in total platform assets, up 48% YOY.
What has been notable is the company’s 75% YOY growth in equity notional trading volumes and a 29% growth in options contracts traded. However, crypto notional trading volumes grew only modestly by 4% YOY. The company also announced a 10% reduction in its workforce to flatten management layers.
