U.S. trading platform Robinhood rolled out a $1.5 billion share buyback program on Wednesday as its share price continues to dip amid a broader decline in share prices of large-cap cryptocurrency and tech firms.
The update comes after the company announced fourth-quarter revenues of $1.28 billion, below the market forecast of $1.33 billion, primarily attributed to a slump in the cryptocurrency market.
“Robinhood is a generational company with a massive long-term opportunity,” said CFO Shiv Verma.
“This authorization reflects the confidence of our management team and board in our ability to continue delivering innovative products for customers and creating value for shareholders while returning capital over time,” he also said.
At the time of writing, Robinhood shares were trading at $73.94, up by 7.04%. Robinhood shares have plummeted in price over the past 6 months by 40%