For the three months to the end of March turnover was down 65% to $53.9m as average revenue per user (ARPU) dropped by 64% from $1,523 to just $550.
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This is the second time in as many months that the shares have fallen over 30% in a single day.
Shares tumbled in mid-February after the firm released full year results for 2018 and warned that 2019 revenues were likely to be below market estimates due to the impact of new European regulations on CFD trading.
Today’s update puts the blame for the drop in first quarter revenues on ‘subdued financial markets’ which led to low levels of volatility and therefore lower activity as shown by the lower ARPU number.
Also, while the company continues to sign up new customers, the number who are active actually fell last quarter.
There is little comfort in the outlook for the rest of the year either as the firm admits ‘it is impossible to predict market conditions and therefore too early to draw conclusions about the full year outcome’.
The news sends shares in rival trading platform IG Group (IGG) down 4% to 498p