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In July of last year, Robinhood (NASDAQ: HOOD) made its market debut in the thralls of the meme stock saga. While it is now abundantly clear this was an IPO of opportunity, there were certainly early signs hidden within its S-1 and brought to light by Rory in his First Look. He labeled Robinhood as a company "dealing with something of an existential crisis", highlighting its branding as a brokerage of the people while simultaneously taking advantage of them. Not to mention, the company's obscene dependence upon Dogecoin.

In its latest quarter, these characteristics remain prominent and they're starting to put a damper on revenue.

How did Robinhood's earnings call go?

In all fairness to Robinhood, it would be hard to improve from Q1 2021, when newbies flooded the market and cryptocurrencies popped up like weeds. This has meant all comparable stats look pretty dismal, but there are larger, more troublesome trends hidden beneath.

Firstly, account growth has been practically flat since Q2 2021. In that time, Robinhood has only added 300,000 funded accounts.

It's tempting to explain this away as a mere pull forward -- maybe everyone who wanted a brokerage account got one -- but other financial firms continue to pull in new users at a steady rate. Charles Schwab added 1.3 million new brokerage accounts in the same period.

I would argue this demonstrates that the casino-like investing that Robinhood is famous for and has encouraged is beginning to fall out of favor. Just yesterday, Morgan Stanley calculated that meme-stock traders had lost all the money they made in the frenzy. Maybe those still interested in investing are looking for more measured, experienced players, like Schwab or Vanguard.

When it comes to the users Robinhood already has, things don't look great either...