The number of users of the commission-free trading app Robinhood grew steadily since 2014, even though the app did not officially launch until mid-2015. The number of users grew from half a million in 2014 up to 22.9 million as of June 2022. The app’s net revenue did also grow steadily since its official launch, reaching 91 million U.S. dollars as of second quarter 2021.
Robinhood and the GameStop story
Robinhood was a key player in the GameStop story in January 2021, when they restricted the trading of GameStop stocks for a few days. The platform with its commission-free trading is known to be "for the young and poor" and their trading halt caused a lot of anger among its users, who called it market manipulation and claimed the company was helping the hedge funds.
Did the GameStop story affect the number of downloads?
The number of downloads of the Robinhood app increased markedly in April 2021. The number of downloads grew by almost five times compared to the previous month, reaching around 3.23 million downloads from Google Play Store and Apple App Store in April 2021. This increase show that the app had a central role for the GameStop stocks, where young investors saw an opportunity to make money with commission-free trades.
Number of users of Robinhood from 2014 to Q2 2022
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Robinhood. (August 2, 2022). Number of users of Robinhood from 2014 to Q2 2022 (in millions) [Graph]. In Statista. Retrieved February 02, 2023, from https://www.statista.com/statistics/822176/number-of-users-robinhood/
Robinhood. "Number of users of Robinhood from 2014 to Q2 2022 (in millions)." Chart. August 2, 2022. Statista. Accessed February 02, 2023. https://www.statista.com/statistics/822176/number-of-users-robinhood/
Robinhood. (2022). Number of users of Robinhood from 2014 to Q2 2022 (in millions). Statista. Statista Inc.. Accessed: February 02, 2023. https://www.statista.com/statistics/822176/number-of-users-robinhood/
Robinhood. "Number of Users of Robinhood from 2014 to Q2 2022 (in Millions)." Statista, Statista Inc., 2 Aug 2022, https://www.statista.com/statistics/822176/number-of-users-robinhood/
Robinhood, Number of users of Robinhood from 2014 to Q2 2022 (in millions) Statista, https://www.statista.com/statistics/822176/number-of-users-robinhood/ (last visited February 02, 2023)
Number of users of Robinhood from 2014 to Q2 2022 (in millions) [Graph], Robinhood, August 2, 2022. [Online]. Available: https://www.statista.com/statistics/822176/number-of-users-robinhood/