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Robinhood drops 10% to below IPO price as investors worry about bleak outlook
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cnbc.comIn this article
Shares of Robinhood are getting crushed in premarket trading on Wednesday following a worrisome earnings report from the newly public brokerage.
Robinhood shares are plummeting 10% in extended trading, dipping below the stock trading app's IPO price of $38 per share.
The decline after Robinhood missed on the top and bottom lines of its third quarter results. Revenue was dragged down by a slowdown in crypto trading and Robinhood warned that the headwinds in trading will persist into year-end.
The second quarter was «one of those idiosyncratic market events where there's this massive interest specifically in Doge,» Robinhood CFO Jason Warnick told CNBC. «We love it when those moments happen. It's a great way to bring a lot of
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