During the extended session on Tuesday, Robinhood Markets Inc. stock went up 4% after the online broker said its board had approved a $1 billion programme to buy back shares.
Robinhood HOOD, -0.20% said the programme doesn’t have an end date yet, but it will likely last for two to three years to start in the third quarter.
Robinhood reported first-quarter results earlier this month that were much better than what Wall Street expected. The company said it took business from competing brokerages and gained paying subscribers.
The S&P 500 index SPX has gone up about 11% so far this year, while Robinhood shares have gone up about 60%.
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