Online broker Robinhood will buy back $1 billion worth of its securities from shareholders
The decision was made due to growth in business and cash flow
29.05.2024 - 09:45
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What’s new? The board of directors of the online broker Robinhood Markets has approved a $1 billion share repurchase program. According to a press release, the move demonstrates “management and the board’s confidence in Robinhood’s financial strength and future growth prospects.”
What else is known? The program is designed to return profits to shareholders as the business and cash flow grow. It will be launched in the third quarter of this year and will run for two to three years, depending on market conditions, security values, and alternative investment opportunities.
Founded in 2012, the online broker provides investors with access to financial markets and allows them to trade stocks, exchange-traded fund (ETF) shares, options, cryptocurrency, and equity shares without fees. Robinhood Crypto’s cryptocurrency division was launched in February 2018.
The company is listed on the Nasdaq US stock exchange under the ticker HOOD. As of May 29, the shares are trading at $20,47, having lost 0,2% over the day. At the same time, their value has grown by 20% over the month and by 61% since the beginning of the year.
Robinhood Crypto launches staking service and localized apps in Europe
New users will be able to receive a 10% bonus on purchases within 30 days of registration
In the first quarter of this year, crypto trading volume on Robinhood grew by 224%. Crypto services accounted for nearly 40% of transaction revenue totaling $329 million and helped it close its second consecutive quarter with a net profit of $157 million.
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