Robinhood meme rally falters, as stock drops 8% to lowest price since shortly after IPO

Robinhood meme rally falters, as stock drops 8% to lowest price since shortly after IPO

Short run as a meme stock has crashed into Wall Street reality. Shares of the stock-trading app dropped 8% on Thursday to $45.79 after the company for the first time since its in late July. Since climbing as high as $85 on Aug. 4, the stock has plummeted 46% to the lowest since its fourth day on the market. Robinhood said second-quarter revenue more than doubled to $565 million, close to the high end of its forecast. But an outsized amount of its growth came from , a cryptocurrency that was started as a joke. Â from crypto transactions surged more than 45-fold from a year ago to $233 million, accounting for 52% of total transaction-related revenue, up from 17% in the first quarter and 4% in the fourth quarter of last year. More than 60% of its funded accounts traded crypto in the quarter. Within Robinhood's crypto business, which includes buying and selling of bitcoin, ethereum and several other digital currencies, 62% of revenue came from trading in dogecoin. That means dogecoin, which more than quadrupled in value in the second quarter, accounted for almost one-third of Robinhood's total transaction revenue. Robinhood executives didn't single out dogecoin on the