Robinhood CEO Vlad Tenev reflects on immigrating to the U.S. and building the company: “It’s a very special moment for me and for my co-founder.”
are the lead investment banks on the deal. Underwriters will have an option to buy an additional 5.5 million shares.
In its updated prospectus, Robinhood estimated second quarter revenue of $546 million to $574 million, up from $244 million in the second quarter of 2020. Revenue jumped 309% in the first quarter to $522 million from $128 million a year prior. However, Robinhood expects to swing to a net loss of $487 million to $537 million in the second quarter after turning a profit in the same quarter last year.
Robinhood collected $331 million in payment for order flow – the money brokerage firms receive for directing clients' trades to market makers – in theOptions trading accounts for about 38% of revenue while equities and crypto are 25% and 17% of revenues, respectively. But Robinhood warned that the brokerage could see a slowdown in its trading revenue and account growth as the retail trading boom cools.
Competitors of Robinhood include Fidelity, Charles Schwab, Interactive Brokers and newer services like Webull and SoFi.
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