Stock-trading app Robinhood Markets Inc. HOOD on Wednesday said that monthly active users fell in April, and reported a 29% year-over-year drop in stock-trading volumes to $38.9 billion. Crypto volumes sank 47%. Options contracts rose. Monthly active users fell 26% to 11.5 million, while net cumulative funded accounts, or accounts into which users put money or other assets, rose 1% to 23.1 million. Assets under custody fell 1% to $77.4 million. Shares rose 0.4% after hours on Wednesday. The company this month reported first-quarter results that were better than expected, and said the drop in active users for April was typical, as tax season sucks up more customer dollars.
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