Robinhood Reveals Surging Loss This Year After 2020 Profit
- Date: 02-Jul-2021
- Source: Yahoo News
- Sector:Financial Markets
- Country:Middle East
Robinhood Reveals Surging Loss This Year After 2020 Profit
(Bloomberg) -- Robinhood Markets Inc. filed for an initial public offering, disclosing it became profitable last year only to have its losses skyrocket in the first quarter amid the so-called meme stock frenzy, in what’s expected to be one of the highest-profile listings the year.
The company, which pitches its trading platform to novice investors, listed the size of the offering as $100 million, a placeholder that will change when it sets terms for the share sale. Thursday’s registration statement follows Robinhood’s announcement in March that it had filed confidentially to go public.