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Robinhood Announces Big Layoffs, Analyst Notes Underperformance in Multiple Areas

By Senad Karaahmetovic Shares of Robinhood (NASDAQ:HOOD) are trading around 3% higher in premarket trading after the company reported worse-than-expected Q2 revenue and announced...
Robinhood Announces Big Layoffs, Analyst Notes Underperformance in Multiple Areas © Reuters Robinhood (HOOD) Announces Big Layoffs, Analyst Notes Underperformance in Multiple Areas

By Senad Karaahmetovic

Shares of Robinhood (NASDAQ:HOOD) are trading around 3% higher in premarket trading after the company reported worse-than-expected Q2 revenue and announced it will reduce 23% of its workforce.

The financial services company reported a Q2 loss per share of 34c, while analysts were estimating a loss per share of 37c, according to Refinitiv. Revenue came in at $318 million, up from $299 million in the first quarter, but below the $565 million revenue it reported in the year-ago quarter.

Revenue also missed analyst expectations of $321 million. Robinhood also reported a decline in monthly active users (MAUs) and assets under custody.

Robinhood’s CEO Vlad Tenev said in a press release that the company plans to cut its workforce by roughly 23%, mainly in operations, marketing, and program management segments.

The move comes due to the “deterioration of the macro environment, with inflation at 40-year highs accompanied by a broad crypto market crash”. This is the second time Robinhood announced layoffs this year, after reducing its workforce by 9% in April.

“I want to acknowledge how unsettling these types of changes are,” Tenev added.

"As CEO, I approved and took responsibility for our ambitious staffing trajectory — this is on me," he wrote. "In this new environment, we are operating with more staffing than appropriate."

On the same day as the announcement, New York’s top financial regulator fined Robinhood $30 million for breaching anti-money-laundering and cybersecurity regulations.

A JPMorgan analyst reiterated an Underweight rating and a $7 per share price target.

“The market environment remains particularly poor for Robinhood, but still the company is underperforming expectations in multiple areas,” he said.

A Goldman Sachs analyst took note of recent developments and commented:

“We believe the 23% headcount reduction is the most important detail, and while investors will likely want to understand the company’s ability to invest in growth initiatives with a lower cost base, we believe these cost reductions will likely drive the company to profitability in the near term and could drive shares higher.”

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19-08-2022 16:02:17 (UTC+7)

EUR/USD

1.0089

+0.0001 (+0.01%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (10)

Sell (0)

EUR/USD

1.0089

+0.0001 (+0.01%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (10)

Sell (0)

GBP/USD

1.1896

-0.0034 (-0.29%)

Summary

↑ Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (9)

Sell (0)

USD/JPY

136.46

+0.58 (+0.43%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (1)

Sell (7)

AUD/USD

0.6910

-0.0008 (-0.11%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (1)

USD/CAD

1.2976

+0.0029 (+0.22%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (0)

Sell (7)

EUR/JPY

137.68

+0.60 (+0.44%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (7)

Sell (1)

EUR/CHF

0.9659

+0.0006 (+0.07%)

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Neutral

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Buy (6)

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Buy (4)

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Gold Futures

1,767.25

-3.95 (-0.22%)

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Neutral

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Silver Futures

19.148

-0.316 (-1.62%)

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Buy

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Sell (5)

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Buy (3)

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Copper Futures

3.6225

-0.0090 (-0.25%)

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Neutral

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Buy (5)

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Crude Oil WTI Futures

89.27

-1.23 (-1.36%)

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Neutral

Moving Avg:

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Indicators:

Buy (7)

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Brent Oil Futures

95.27

-1.32 (-1.37%)

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Buy

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Natural Gas Futures

9.078

-0.110 (-1.20%)

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↑ Sell

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Buy (2)

Sell (10)

Indicators:

Buy (1)

Sell (9)

US Coffee C Futures

216.25

+1.45 (+0.68%)

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↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (0)

Euro Stoxx 50

3,746.85

-30.53 (-0.81%)

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Buy

Moving Avg:

Buy (6)

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Indicators:

Buy (8)

Sell (1)

S&P 500

4,283.74

+9.70 (+0.23%)

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Sell

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Indicators:

Buy (0)

Sell (8)

DAX

13,573.65

-123.76 (-0.90%)

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↑ Buy

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Buy (8)

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FTSE 100

7,530.01

-11.84 (-0.16%)

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↑ Buy

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Buy (8)

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Hang Seng

19,773.03

+9.12 (+0.05%)

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Neutral

Moving Avg:

Buy (6)

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Indicators:

Buy (1)

Sell (4)

US Small Cap 2000

2,000.73

+13.41 (+0.68%)

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↑ Buy

Moving Avg:

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Buy (4)

Sell (2)

IBEX 35

8,346.30

-84.00 (-1.00%)

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Neutral

Moving Avg:

Buy (6)

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Buy (5)

Sell (2)

BASF SE NA O.N.

43.278

-0.162 (-0.37%)

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↑ Buy

Moving Avg:

Buy (12)

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Buy (8)

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Bayer AG NA

53.27

-0.79 (-1.46%)

Summary

↑ Buy

Moving Avg:

Buy (8)

Sell (4)

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Sell (0)

Allianz SE VNA O.N.

175.49

-3.03 (-1.70%)

Summary

Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (2)

Sell (4)

Adidas AG

165.87

-1.65 (-0.98%)

Summary

↑ Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (6)

Sell (2)

Deutsche Lufthansa AG

6.288

-0.278 (-4.23%)

Summary

↑ Sell

Moving Avg:

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Sell (12)

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Buy (0)

Sell (9)

Siemens AG Class N

109.26

-1.00 (-0.91%)

Summary

Buy

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Sell (4)

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Deutsche Bank AG

8.584

-0.284 (-3.20%)

Summary

Buy

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (6)

Sell (1)

 EUR/USD1.0089↑ Buy
 GBP/USD1.1896↑ Buy
 USD/JPY136.46↑ Sell
 AUD/USD0.6910↑ Buy
 USD/CAD1.2976↑ Sell
 EUR/JPY137.68↑ Buy
 EUR/CHF0.9659Neutral
 Gold1,767.25Neutral
 Silver19.148Buy
 Copper3.6225Neutral
 Crude Oil WTI89.27Neutral
 Brent Oil95.27Buy
 Natural Gas9.078↑ Sell
 US Coffee C216.25↑ Buy
 Euro Stoxx 503,746.85Buy
 S&P 5004,283.74Sell
 DAX13,573.65↑ Buy
 FTSE 1007,530.01↑ Buy
 Hang Seng19,773.03Neutral
 Small Cap 20002,000.73↑ Buy
 IBEX 358,346.30Neutral
 BASF43.278↑ Buy
 Bayer53.27↑ Buy
 Allianz175.49Sell
 Adidas165.87↑ Buy
 Lufthansa6.288↑ Sell
 Siemens AG109.26Buy
 Deutsche Bank AG8.584Buy
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,600/ 6,700
(0/ 0) # 1,725
SJC HCM6,620/ 6,720
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SJC Hanoi6,620/ 6,722
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SJC Danang6,620/ 6,722
(0/ 0) # 1,748
SJC Nhatrang6,620/ 6,722
(0/ 0) # 1,748
SJC Cantho6,620/ 6,722
(0/ 0) # 1,748
Cập nhật 19-08-2022 16:02:19
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E5 RON 92-II23.72024.190
DO 0.05S22.90023.350
DO 0,001S-V24.88025.370
Dầu hỏa 2-K23.32023.780
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$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD23.235,0023.545,00
EUR22.981,7524.268,73
GBP27.175,3928.334,31
JPY167,13176,93
KRW15,2618,59
Cập nhật lúc 15:55:12 19/08/2022
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