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."

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