Robinhood shares fall

Shares in Robinhood Markets Inc, the brokerage at the center of last year's retail trading frenzy, slipped to a record low on Thursday after it posted a 43 per cent fall in first-quarter revenue and a decline in monthly active users, reports Reuters. Shares of the Menlo Park, California-based firm dropped more than 12 per cent to $8.83 in extended trading following the results.

The shares, which have lost more than 43 per cent of their market value so far this year, were sold in its IPO last July for $38 apiece.

"For most of our history, Robinhood has operated in a period of low interest rates, low inflation and rising markets. Our customers are now experiencing all three of these trends going in the opposite direction, perhaps for the first time in their lives," said Robinhood Chief Executive Officer Vlad Tenev on a call with analysts.