More than $4 of every $10 that Robinhood Markets Inc. made in revenue during the spring came just from customers trading dogecoin, bitcoin and other cryptocurrencies.
Robinhood also said that it lost $501.7 million, or $2.16 per share, compared with a profit of $57.6 million, or 9 cents per share, in last year’s second quarter. Most of the loss was due to accounting changes related to a fundraising round it undertook early this year.
The loss was no surprise after the company had earlier given preliminary estimated results for the quarter. The company’s slowdown in revenue growth was also expected — it more than halved to 131% from 309% in the first three months of the year — and the company again said revenue will likely drop in the summer from the spring.
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AUSTRALIA SHOULD DELAY SOCIAL MEDIA BAN FOR CHILDREN UNDER 16. BIG TECH SAYS
An advocate for major social media platforms told an Australian Senate committee that laws to ban children younger than 16 from the sites should be delayed until next year at least instead of being rushed through the Parliament.
APPLE AND GOOGLE FACE UK INVESTIGATION INTO MOBILE BROWSER DOMINANCE
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'BUY NOW, PAY LATER' IS MORE POPULAR THAN EVER. IT CAN COST MORE THAN YOU THINK
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FEDERAL PROSECUTORS SEEK RECORDS FROM COMPANY THAT DEPLOYED AI WEAPONS SCANNER ON NYC SUBWAY
Federal investigators in New York are seeking records from the manufacturer of an AI-powered weapons scanner that was briefly deployed this summer in New York Cityâs subway system.
BIDEN ADMINISTRATION TO LOAN $6.6B TO EV MAKER RIVIAN TO BUILD GEORGIA FACTORY THAT AUTOMAKER PAUSED
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RANSOMWARE ATTACK ON SOFTWARE SUPPLIER DISRUPTS OPERATIONS FOR STARBUCKS AND OTHER RETAILERS
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