Robinhood’s inventory declined on Feb. 25, however chair and CEO Vlad Tenev stays assured.
In an interview on “Bloomberg Crypto” with Sonali Basak and Tim Stenovec, Tenev stated, “The enterprise has been doing tremendously effectively.” He pointed to robust fourth-quarter 2024 outcomes, highlighting a report $1 billion in income and $50 billion in buyer deposits for the 12 months.
When requested concerning the market correction tracked by Bloomberg’s Magnificent Seven index, Tenev advised the dip was momentary. Final week’s post-earnings rally light into at this time’s broader market downturn, with Bitcoin (BTC) slipping under $87,000.
Robinhood shares fell by 8%, closing at $45.92 however nonetheless up 16% for the reason that begin of the 12 months. The inventory dip adopted a wider market stoop, however Tenev didn’t attribute it to any particular trigger past regular fluctuations.
Regardless of the decline, Tenev stays optimistic about consumer engagement. “Our prospects…have a long-term perspective on this stuff,” he stated, noting that many see market declines as alternatives to purchase expertise shares and cryptocurrencies like bitcoin at decrease costs.
Buying and selling stays lively
Tenev additionally famous that volatility advantages Robinhood. Lively merchants proceed utilizing instruments like the brand new Robinhood Legend platform, which has generated $50 million in annual income since its launch. As main expertise shares enter correction territory, this buying and selling exercise may assist regular income progress for the platform.
