 "Robinhood")
Shares of Robinhood Markets Inc fell more than 14% and were set to open Friday's session at their lowest level since the stock's IPO in July after the commission-free brokerage posted a quarterly loss on Thursday evening.
The company reported a net loss of $423 million for the three months ended December, compared to a profit a year earlier, and its costs more than doubled.
Like many tech start-ups, Robinhood has yet to turn a profit following its IPO. Its monthly active users declined 8% from the sequentially previous quarter as retail investors pulled back from the market.
"Robinhood was one of the
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