Robinhood Markets Inc.’s stock fell 12% in postmarket trading after the brokerage reported a loss of $423m for the fourth quarter.
The company had an increase in technology and administrative expenses that ate into its results.
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Robinhood falls on report of $423m loss
The firm faces stiff competition from asset managers such as Fidelity Investments and BlackRock, which have used their scale to increase profits even while cutting fees
