big number
Nearly 15%. That’s how much Robinhood’s stock has declined this year, despite hitting a 52-week high in October. The company’s market value dropped below $60 billion in March, then rose to $88 billion as of Monday, after reaching $132 billion at its recent peak.
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key background
Robinhood’s recent stock slide comes as it has expanded into a broader financial services platform, introducing retirement accounts, wealth management services and credit cards. The company missed quarterly profit expectations in April, citing an impact of crypto-driven market volatility on trading activity. Still, revenue jumped 15% on surging fees from prediction market trades and growth across its subscription services. It’s likely the platform’s business was similarly disrupted by growing tensions in the Middle East, during which the broader stock market stumbled as oil and gas prices surged.
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further reading
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