On February 25, Robinhood's stock declined by 8%, but Chairman and CEO Vlad Tenev remains confident about the company's future. He cited strong fourth-quarter 2024 results and expects sustained growth driven by continued user activity.
Robinhood's Financial Performance
In an interview on 'Bloomberg Crypto,' Vlad Tenev highlighted that the business has been doing tremendously well. For the year 2024, the company reported a record $1 billion in revenue and $50 billion in customer deposits.
Current Market Situation
Robinhood shares fell by 8%, closing at $45.92, but remain up 16% since the start of the year. Vlad Tenev sees the decline as a temporary correction. Bitcoin also saw a decline, dropping below $87,000.
Trading Activity on the Platform
Tenev noted that despite market fluctuations, Robinhood's platform remains active due to volatility. The newly launched Robinhood Legend platform has generated $50 million in annual revenue, supporting steady revenue growth for the company.
Despite the current stock decline, Vlad Tenev is confident in Robinhood's long-term prospects. Users see current declines as opportunities to acquire stocks and cryptocurrencies at lower prices.
