Alphabet sold almost 90% of its Robinhood stake last quarter
The Google-parent cut its holdings from 4.9 million shares at the end of March to 612,214 shares at the end of June. At Robinhood's closing stock price of $11.54 on Thursday, the remaining stake is worth $7.06 million.on its latest earnings release, which showed its monthly active users fell to 10.8 million on average over the second quarter.
That's down from 11.8 million in the first quarter, and well below the 21 million from early 2021, when meme-stock trading put Robinhood at center stage among retail investors. Transaction-based revenues saw a quarterly dip of 7%, with trading in options, crypto, and equities all seeing declines. Nonetheless, Robinhood notched its first-ever profitable quarter as a public company thanks to the high-interest rate environment. Its retirement offerings saw a boost, with customers pouring into the Robinhood Gold program, which currently offers a 4.9% yield.
Meanwhile, Alphabet also reduced its holdings of gene testing company 23andMe and language learning app Duolingo, per the SEC filing.
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