Why did Robinhood's operating expenses drop in Q1 2024?

Robinhood's operating expenses dropped in Q1 2024 due to several key factors:

1. **Decrease in Stock-Based Compensation**: Robinhood experienced a significant decrease in stock-based compensation, which is a common expense for companies with a strong tech and employee equity component. This reduction contributed to the overall decrease in operating expenses.
2. **Efficient Cost Management**: The company implemented efficient cost management strategies, which helped reduce expenses without compromising operational effectiveness. This included careful monitoring of resource allocation and optimization of business processes.

In summary, Robinhood's operating expenses dropped in Q1 2024 primarily due to a decrease in stock-based compensation and efficient cost management.