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 mentioned, “The business has been doing tremendously well.” He pointed to robust fourth-quarter 2024 outcomes, highlighting a file $1 billion in income and $50 billion in buyer deposits for the yr.
When requested concerning the market correction tracked by Bloomberg’s Magnificent Seven index, Tenev steered the dip was momentary. Final week’s post-earnings rally pale into in the present day’s broader market downturn, with Bitcoin (BTC) slipping beneath $87,000.
Robinhood shares fell by 8%, closing at $45.92 however nonetheless up 16% for the reason that begin of the yr. 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 customers…have a long-term perspective on these things,” he mentioned, noting that many see market declines as alternatives to purchase know-how 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 know-how shares enter correction territory, this buying and selling exercise may assist regular income progress for the platform.
