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

SeniorPrefer not to say

Jul 2026

Summary

PM interview at Revolut for the stock trading product. One case question about a revenue metric drop, pretty open-ended, felt like a diagnostic exercise more than anything else.

Questions Asked (1)

You're the PM for Revolut's stock trading product. Gross profit has dropped significantly over the past month. How do you approach this?

Root Cause AnalysisProduct Analytics & MetricsProduct Strategy

Author's notes

I went straight into segmentation mode: is it volume, margin, user mix, something in fees.

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AI HintsAI Generated

Suggested Approach

Start by clarifying the metric definition and time frame, then systematically decompose gross profit into its drivers (revenue and costs) to isolate the root cause. Validate hypotheses with data, prioritize the most impactful levers, and propose a test-and-learn plan to recover profitability.

Pro tip: Distinguish between gross profit and gross margin—a drop in gross profit could stem from lower volumes, lower margins, or higher direct costs, and each points to different solutions. Also, consider external factors like market volatility or regulatory changes that could affect trading activity.

1. Clarify and Define

Confirm what 'gross profit' includes (e.g., revenue from spreads, commissions, net of direct costs like payment processing or market data fees) and the exact time period and comparison baseline.

2. Decompose the Metric

Break gross profit into revenue and cost components: trading volume, revenue per trade (take rate), and variable costs per trade. Identify which component(s) changed significantly.

3. Generate Hypotheses

Brainstorm potential causes for each component: e.g., increased competition lowering take rates, a shift in user mix toward lower-margin assets, higher market data costs, or a drop in trading activity due to market conditions.

4. Validate with Data

Use analytics to test hypotheses: segment by user cohort, asset class, and acquisition channel; compare against industry benchmarks; and check for external events (e.g., regulatory changes, market volatility).

5. Prioritize and Act

Based on findings, prioritize the highest-impact levers (e.g., pricing adjustments, cost renegotiation, product changes to encourage higher-margin activity) and propose a rapid experiment to validate the fix.

Key Points to Mention

Gross profit = revenue - cost of goods sold (COGS); for trading, COGS may include payment processing, market data, and clearing fees.
Segment analysis by user cohorts, asset classes, and trading frequency to pinpoint where the drop occurred.
Consider external factors: market volatility, interest rates, regulatory changes, and competitor actions.
Evaluate pricing strategy: spreads, commissions, and fees relative to competitors.
Assess product changes: recent feature launches, UI updates, or new asset offerings that could affect trading behavior.
Propose a test-and-learn approach: A/B test pricing or product changes to measure impact on gross profit.

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