Cryptocurrencies
Robinhood Sinks Below IPO Price as Revenue Misses Estimates
- Revenue from crypto trading plunges 78% from preceding quarter
- Firm posts $1.32 billion loss, driven by equity compensation
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Photographer: Tiffany Hagler-Geard/BloombergThis article is for subscribers only.
Robinhood Markets Inc. tumbled in early trading Wednesday after reporting third-quarter revenue that fell short of Wall Street estimates as cryptocurrency transactions plunged from the preceding period.
Shares of the brokerage slumped 12% to $34.80 at 9:46 a.m. in New York, below the $38 initial public offering price in late July.