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Robinhood shares tank on Q4 results

Robinhood shares tank on Q4 results

Shares in Robinhood fell as much as 16% in pre-market trading on Friday after the stock trading app's fourth quarter results missed analysts' estimates.

The firm posted a net loss of $423 million, or 49 cents a share, prompting its shares to fall below $10 in pre-market trading. Monthly active users were down eight per cent, while the average revenue per user also fell.

Robinhood priced its shares at $38 when it went public last July. In August they hit a high of $85 but have since been in a tailspin before hitting this week's low.

According to Bloomberg, this makes the Silicon Valley darling the worst "high-profile" global stock market debut since the beginning of the pandemic.

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