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Shares of stock trading app Robinhood lost roughly 4% on Wednesday—hitting a new record low—after the company laid off a chunk of its workforce, with analysts warning that troubles could still be far from over with first-quarter earnings due on Thursday.


Robinhood’s stock fell nearly 4%, hitting a new record low of less than $9.60 per share and adding to big losses so far this month as the investment platform’s troubles continue to mount.

The drop in share price comes a day after Robinhood announced that it would lay off approximately 9% of its full-time employees to slash costs and reduce “duplicate roles” following a period of rapid hiring since the pandemic.

What’s more, Robinhood’s stock could take a hit after first-quarter earnings, which are due on Thursday, with analysts warning that the company is still struggling to keep users on its platform (monthly active users fell from 19 million to just over 17 million in the fourth quarter of 2021).

The stock trading app anticipates quarterly revenue of less than $340 million, which is down 35% from a year ago, after having slashed its forecast back in January due to a slowdown in trading activity on its platform.

Robinhood analysts are largely all over the map, with the majority maintaining a “hold” rating on the stock, though several have downgraded shares this month and cited the gloomy revenue outlook for doing so.

Goldman Sachs analysts downgraded the stock to a “sell” rating earlier in April, warning of “depressed” user growth and a “limited path to near term profitability,” while strategists at Deutsche Bank are similarly “growing more cautious” about Robinhood’s growth prospects .