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revolut·Product Manager·Onsite - Product Sense / Strategy·Senior

Senior
May 2026

Summary

PM interview at Revolut for the trading platform. One question, but it was a meaty one. The kind where you think you know where to start and then realize halfway through that you've been answering a slightly different question.

Questions Asked (1)

Q1

You're the PM for Revolut's trading platform. Profits have turned negative for the first time. How do you investigate?

Root Cause AnalysisProduct Analytics & MetricsProduct Strategy
Author's notes

I jumped straight into revenue vs cost breakdown which felt right, but I think I spent too long on the revenue side and barely touched operational costs or infrastructure scaling.

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AI HintsAI Generated

Suggested Approach

Start by clarifying what 'profits turned negative' means (e.g., contribution margin, net profit) and the time frame. Then systematically break down the P&L into revenue and cost drivers, using data to isolate the root cause. Finally, propose a prioritized action plan based on impact and feasibility.

Pro tip: Show that you understand the difference between a one-time anomaly and a structural issue by checking if the change is sudden or gradual, and whether it's company-specific or market-wide. This demonstrates strategic thinking and avoids overreacting to noise.

1. Clarify the metric and scope

Define what 'profits' means (gross margin, contribution margin, net profit) and the time period. Confirm if it's a one-time drop or a trend, and if it's specific to a product, segment, or region.

2. Decompose the P&L

Break down profit into revenue and costs. Analyze revenue drivers (e.g., trading volume, fees, spread) and cost drivers (e.g., customer acquisition, operational costs, market data fees). Identify which components changed significantly.

3. Analyze internal and external factors

Check for internal changes (e.g., pricing changes, new features, marketing campaigns) and external factors (e.g., market volatility, competitor actions, regulatory changes). Use cohort analysis and segmentation to pinpoint affected user groups.

4. Form and test hypotheses

Develop hypotheses for the root cause (e.g., increased churn due to poor UX, higher CAC from ad auction, lower trading activity due to market conditions). Validate with data and, if needed, qualitative research.

5. Prioritize and act

Based on impact and effort, propose immediate fixes (e.g., adjust pricing, optimize marketing spend) and long-term strategies (e.g., improve product retention). Define success metrics and monitor.

Key Points to Mention

  • Distinguish between revenue decline and cost increase, and between fixed and variable costs.
  • Consider unit economics: CAC, LTV, contribution margin per user.
  • Segment analysis: by user cohort, product (e.g., stocks vs. crypto), geography.
  • External factors: market volatility, interest rates, regulatory changes.
  • Data sources: financial reports, product analytics, customer feedback.
  • Prioritization framework: impact vs. effort, quick wins vs. strategic bets.

AI-generated suggestions, not part of the candidate's original notes. May be inaccurate — verify before relying on them.