(Bloomberg) -- Robinhood Markets Inc. jumped after the retail brokerage announced a plan to repurchase as much as $1 billion of its own shares.

The firm expects the buyback program to kick off in the third quarter and take place over a two to three year period, it said Tuesday in a filing. Shares in Robinhood jumped as much as 7.4% in late New York trading after the company said its board approved the repurchase plan. 

Robinhood outlined the program as its “business and cash flow have continued to grow,” Chief Financial Officer Jason Warnick said in a blog post. 

Read more: Robinhood Unveils Credit Card in Further Push Beyond Trading

Robinhood is seeking to expand its offerings beyond the retail-brokerage services and commission-free trading that made the company a household name. Early last year, the Menlo Park, California-based firm announced a retirement product and in March it outlined a plan to roll out a credit card to US consumers as it looks to become a broader financial-services company.

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