Robinhood reported a net loss of $423 million, or $0.49 per share, in the three months ending in December 2021. A year earlier, before its IPO, the company had posted a net income of $7 million or $0.01 per share.

Following the news of the results, shares of Robinhood dropped by as much as 15% to $9.98 in extended trading. 

Robinhood, in its third set of results as a public company, posted total revenue of $363 million for the fourth quarter of 2021, compared to $318 a year earlier. According to IBES data from Refinitiv, analysts had been expecting revenue of $362.14 million. 

During the fourth quarter of 2021, Robinhood’s costs rose 163% from the previous year, contributing to its $423 million net loss.

Robinhood, like many other tech start-ups, is yet to turn a profit following its IPO in July 2021. While its revenue was a positive sign, the company saw its monthly active users drop by 8% from the previous quarter to 17.3 million.