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In an interview with Yahoo Finance on Friday, Robinhood Markets, Inc.’s (NASDAQ:HOOD) CEO Vlad Tenev spilled the beans on its retirement offerings, which target users of every age, including the ever-elusive Gen Z.
The CEO underscored how Robinhood’s offerings are a magnet for novice investors, with Tenev shining a spotlight on a groundbreaking survey revealing Gen Z’s astonishing foresight as Gen Zers begin pondering retirement as early as 19 years old, Tenev told Yahoo Finance’s Market Domination.
Tenev also emphasized Robinhood’s retirement profile for individuals within five years of retirement age, stating that “the economics of the offer are irresistible to pass up.”
“When we talk to customers, particularly for our retirement product, they love the user experience and the 3% match that is evergreen for contributions is just among the most compelling offers they’ve seen.”
Check This Out: Robinhood Q1 Earnings Highlights: Revenue Beat, EPS Beat, Over 1 Million On Gold Credit Card Waitlist
“A lot of them don’t have 401(k)s through employers. The ones that do sometimes don’t have employers that match, so having Robinhood provide that service in an individual self-directed retirement product is really compelling,” Tenev said to Yahoo Finance’s Executive Editor Brian Sozzi.
The company’s shares dipped over 6% at Friday’s close, falling nearly 8% over the last five days.
On May 8, the company reported record revenue of $618 million, up 40% year-over-year. The revenue total beat a Street consensus estimate of $548.6 million. The company’s Crypto Notional Trading volumes increased 224% year-over-year to $36 billion.
According to Benzinga Pro, HOOD stock has gained over 68% in the past year.
Investors can gain exposure to the stock via ETF Series Solutions Grayscale Future Of Finance ETF (NYSE:GFOF) and ARK Fintech Innovation ETF (NYSE:ARKF).
Price Action: HOOD shares closed lower by 6.18% to $16.23 on Friday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo: Shutterstock
