Robinhood’s stock trading app gave an unfavorable revenue outlook for the first quarter in 2022, on Thursday.

After-hours trading saw Robinhood shares drop by 9%

According to FactSet, Wall Street expects a first quarter revenue drop of 35% to $340m from 2021.

Robinhood’s fourth-quarter earnings were 49 cents per diluted shares, which is more than Refinitiv’s estimate of a 45 cent loss. Robinhood’s revenue for the last three months in 2021 was $363M, which is slightly higher than analysts estimates of $362.1 Million.

The net cumulative funds accounts were 22.7 millions at the close of the fourth quarter, which is in line with the estimates.

Robinhood faces its hardest comps during the first and third quarters of 2022 after a record 2021 thanks to events like the GameStop quick squeeze.

Robinhood stock has risen more than 86% from its highest point since trading app’s inception. July 2021 public debut. The company’s market capitalization is now less than $10 million, with shares falling by more than 34%.

Robinhood shares fell after it released its latest earnings report. Lighter cryptocurrency trading resulted in a huge revenue loss.

Revenue from transaction based sales was $267 Million in the third quarter, but only $51 Million came from cryptocurrency trading. The second quarter saw a $233 million increase in crypto trading revenue, thanks to interest in meme-inspired Dogecoin.

Total net revenue was $365million for the third quarter. Robinhood posted a loss of $2.06 per share (or $1.32 billion) in third quarter.

The net cumulative accounts declined to 22.4 million from 22.5million during the second quarter.