Robinhood Markets Inc.’s shares fell below their initial public offering price in after-hours trading on Tuesday after the retail broker reported softer revenue than expected for the third quarter as trading levels declined for cryptocurrencies like dogecoin. Shares of Robinhood were down 8.77 percent at $36.10 following the release of the results, below the $38 they were priced at in the Menlo Park, California-based company’s July IPO, and well below the $85 they hit in August. Robinhood, which owns the app that was at the center of January’s trading mania for so-called meme stocks, said in August it expected retail investors to take a breather in the third quarter. “Looking back at Q2, we saw a huge interest in crypto, especially doge, leading to large numbers of new customers joining the platform and record revenues,” Robinhood Chief Executive Officer Vlad Tenev said on a call with analysts. “In Q3, crypto …
Robinhood Shares Drop Below IPO Price in After-Market Trading on Crypto Slowdown
October 27, 2021
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