Robinhood IPO filing reveals $1.4 billion loss
CBSN
Robinhood, the trading app that's empowered a new generation of investors, revealed in its IPO filing that it lost $1.4 billion in the first three months of the year. The company also said its revenue soared 309% during the same period as investors flocked to its service.
Robinhood filed its prospectus with the U.S. Securities and Exchange Commission on Thursday as it prepares to sell stock to the public for the first time, where it will trade under the symbol HOOD. The IPO will give investors a chance to own part of a fast-growing company that has rocked the traditionally staid brokerage business — and drawn criticism from lawmakers and consumer advocates. Since its launch in 2014, Robinhood's popularity has forced rivals to get rid of commissions and to offer apps that make trading easy and maybe even fun. But as it's drawn in 18 million funded accounts, with more than half its customers first-time investors, the company has also agreed to pay more than $130 million in recent years to settle accusations by regulators, with the most recent fine announced just a day earlier.
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