Robinhood: Plans to repurchase up to $1 billion of issued Class A shares

ChainCatcher news, according to an official announcement, the board of directors of the U.S. brokerage Robinhood (HOOD.O) has approved a $1 billion stock repurchase plan.

Robinhood's Chief Financial Officer Jason Warnick stated, "As our business and cash flow continue to grow, we are pleased to announce a $1 billion stock repurchase plan to return value to shareholders."

Management currently expects to execute the plan over the next two to three years, starting in the third quarter of 2024, depending on overall business and market conditions, as well as other investment opportunities. Management also plans to adjust the pace of capital deployment based on changes in the stock price.