Robinhood shares fell on February 25th, but Chairman and CEO Vlad Tenev is confident.
“The business is going very well,” he said in an interview with Sonali Basak and Tim Stenovec on Bloomberg Crypto. He pointed out a strong 2024 outcome, highlighting a record $1 billion in revenue and $50 billion in customer deposits.
When asked about the market corrections tracked by Bloomberg's epic Seven Index, TENEV suggested that DIP was temporary. Last week's post-earning rally waned by today's wider market slump, with Bitcoin (BTC) below $87,000.
Robinhood shares fell 8%, closing at $45.92, but have grown 16% since the beginning of the year. Stock dips followed a wider market slump, but TENEV was not due to any particular causes beyond normal fluctuations.
Despite the decline, TENEV is optimistic about user engagement. “Our customers have a long-term perspective on these things,” he said.
The transaction remains active
Tenev also said volatility would benefit Robinhood. Active Traders continues to use tools like the new Robinhood Legend Platform. Once key technology stocks enter the area of correction, this trading activity could support the platform's stable revenue growth.
