Robinhood’s stock took a tumble on February 25th, but CEO Vlad Tenev ain’t sweatin’ it. In an interview with “Bloomberg Crypto,” ol’ Vlad said, “The business has been doing tremendously well.” He pointed to some mighty fine fourth-quarter 2024 results, boasting a record $1 billion in revenue and $50 billion in customer deposits for the year.
When asked about the market correction tracked by Bloomberg’s Magnificent Seven index, Tenev suggested the dip was just a temporary blip. Last week’s post-earnings rally faded into today’s broader market downturn, with Bitcoin (BTC) slippin’ below $87,000.
Robinhood shares fell by 8%, closing at $45.92 but still up 16% since the start of the year. The stock dip followed a wider market slump, but Tenev didn’t attribute it to any specific cause beyond normal fluctuations.
Despite the decline, Tenev remains optimistic about user engagement. “Our customers…have a long-term perspective on these things,” he said, noting that many see market declines as opportunities to buy technology stocks and cryptocurrencies like bitcoin at lower prices.
Trading stays active
Tenev also noted that volatility benefits Robinhood. Active traders continue using tools like the new Robinhood Legend platform, which has generated $50 million in annual revenue since its launch. As major technology stocks enter correction territory, this trading activity could support steady revenue growth for the platform.
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2025-02-26 02:20