Robinhood has seen a sharp decline in trading activity for the first quarter of 2022, according to the company's latest financial report.

The report indicated that the broader cryptocurrency market remains bearish and the recent global equities sell-off contributed to the disappointing financial numbers.

The first-quarter report said the company's total net revenue was $299 million, down 43% from $522 million in the first quarter of 2021.

Transaction-based revenue from cryptocurrency trading fell 39% to $54 million.

Like most high-growth tech companies, Robinhood struggles to turn profitability, but has significantly reduced its loss over the course of the year.

The company reported a net loss of $392 million, or $0.45 per share, compared to $1.4 billion, or $6.26 per share, a year earlier.

Wall Street expected a net loss of $0.36 per share, according to IBES data from Refinitiv.

The company stated that the results reflected the macroeconomic change, with its CEO, Vlad Tenev, saying that perhaps for the first time, its customers were experiencing a reversal of low interest rates, low inflation, and rising markets.