Robinhood posts US$423mil net loss, shares sink after hours

Robinhood reported a net loss of US$423 million or $0.49 per share in the three months ended December. A year earlier, which was before its IPO, the company posted net income of $7 million or $0.01 per share. Shares of Robinhood sank as much as 15% to $9.98 in extended trading following results. The share price at its IPO in July last year was $38, and its record high in August was $85.

NEW YORK: Commission-free brokerage Robinhood Markets Inc on Thursday posted a $423 million net loss in the latest quarter, and its shares tumbled as much as 15% in after-hours trade even as revenue edged past analysts' estimates as strong crypto trading boosted transaction volumes.

Robinhood reported a net loss of US$423 million or $0.49 per share in the three months ended December. A year earlier, which was before its IPO, the company posted net income of $7 million or $0.01 per share.