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

FILE PHOTO: The logo of Robinhood Markets, Inc. is seen at a pop-up event on Wall Street after the company's IPO in New York City, U.S., July 29, 2021. REUTERS/Andrew Kelly

(Reuters) -Robinhood Markets Inc's shares fell below their initial public offering price in after-hours trading on Tuesday after the retail broker reported softer revenue than expected for the third quarter as trading levels declined for cryptocurrencies like dogecoin.

Shares of Robinhood were down 8.77% at $36.10 following the release of the results, below the $38 they were priced at in the Menlo Park, California-based company's July IPO and well below the $85 they hit in August.