The company's user base peaked at 21.3 million in early 2021, matching up well with the timing of when many growth stocks traded at their highest prices, and that's probably no coincidence. Since the quarter ended, these numbers don't factor in many of the headwinds of early 2022, including a continued slide in growth stocks, higher inflation, and geopolitical tensions in Europe. Unless people are trading their nest eggs, which is unlikely, having retirement accounts could make Robinhood's engagement more consistent and smooth out some of the ups and downs that investors see right now in its user activity.