Robinhood shares drop below IPO price in after-market trading on crypto slowdown

:Robinhood Markets Inc shares fell below their initial public offering price in after-hours trading after the retail broker reported softer revenue than expected for the third quarter as trading levels for things like the cryptocurrency dogecoin eased.

Robinhood, owner of the trading app that was at the center of January's trading mania for so-called meme stocks, said in August it expects retail investors to take a breather in the third quarter. The consensus estimate of analysts had been for revenue of US$431.38 million, according to IBES data. "In Q3, crypto activity came off record highs, leading to fewer new funded accounts and lower revenue."

Australia Australia Latest News, Australia Australia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

French company Crypto Blockchain Industries to list on Paris stock marketPARIS : French company Crypto Blockchain Industries said it would list on the Paris Euronext Growth stock market, highlighting the burgeoning appeal of cryptocurrencies around the world.The company said it would list its shares at a price of 2 euros, giving it a market capitalisation of around 38.7 millio bastien_baba PopouDams
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Oil prices on the march again in tight market; US crude at 7-yr highTOKYO : Oil prices rose on Monday, extending pre-weekend gains, with U.S. crude hitting a seven-year high as global supply remained tight amid strong demand worldwide as economies recover from coronavirus pandemic-induced slumps.Brent crude futures climbed 26 cents, or 0.3per cent, to US$85.79 a barrel at
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »