Reported 4 months ago
Robinhood Markets Inc. saw a rise in its stock price after announcing a plan to repurchase up to $1 billion of its shares, with the buyback program expected to start in the third quarter and span over two to three years. The company's board approved the repurchase plan, citing continued business and cash flow growth, as Robinhood aims to diversify its offerings beyond retail-brokerage services and commission-free trading. This move aligns with Robinhood's strategy to evolve into a broader financial-services company by introducing products like a retirement account and a credit card for US consumers.
Source: YAHOO