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Business Maverick: Robinhood Reveals Surging Loss This Year After 2020 Profit

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Robinhood Markets Inc. filed for an initial public offering, disclosing it became profitable last year only to have its losses skyrocket in the first quarter amid the so-called meme stock frenzy, in what’s expected to be one of the highest-profile listings the year.

Robinhood said it generated net income of $7.45 million on net revenue of $959 million in 2020, compared with a loss of $107 million on $278 million the previous year, according to the filing.

Cryptocurrency trading on Robinhood was booming in the first quarter, with 17% of its total revenue involving transactions related to it. Robinhood also had to raise billions of dollars from its backers, at the height of a volatile late January frenzy over stocks like GameStop, that became popular on Reddit forums and trading apps.

Robinhood was founded by two Stanford alumni Baiju Bhatt and Vlad Tenev who met at the university. Both are sons of immigrants and raised in rural parts of the U.S. The Menlo Park, California-based company said in the filing it will reserve 20% to 35% of its Class A shares for its customers.

 

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