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Robinhood shares jump after brokerage cuts jobs, posts smaller-than-feared loss

By Manya Saini and Hannah Lang (Reuters) -Shares of Robinhood (NASDAQ:HOOD) Markets rose more than 12% on Wednesday, a day after the commission-free brokerage announced job cuts...
Robinhood shares jump after brokerage cuts jobs, posts smaller-than-feared loss © Reuters. FILE PHOTO: The logo of Robinhood Markets Inc is seen at a pop-up event on Wall Street after the company's IPO in New York City, U.S., July 29, 2021. REUTERS/Andrew Kelly/File Photo

By Manya Saini and Hannah Lang

(Reuters) -Shares of Robinhood (NASDAQ:HOOD) Markets rose more than 12% on Wednesday, a day after the commission-free brokerage announced job cuts and posted a smaller-than-expected quarterly loss in an earnings announcement that came a day earlier than scheduled.

The Menlo Park, California-based company saw revenue fall 44% in the second quarter ended June 30 as trading volumes eased from last year's frenetic pace when retail investors used its application to pump money into so-called 'meme stocks'.

However, investors took note of Robinhood’s announcement via a blog post that it would commence another round of layoffs affecting 780 employees, on top of the 9% of full-time staff laid off earlier this year, and would change its organizational structure to drive greater cost discipline.

"We believe these cost reductions will likely drive the company to profitability in the near term and could drive shares higher," Goldman Sachs (NYSE:GS) analysts wrote in a note.

Fintech stocks including Robinhood bore the brunt of a broader market decline as a risk-off environment coupled with higher funding costs and sluggish e-commerce growth led traders to pull back from high-growth tech so far this year.

Shares of Robinhood, which were sold at $38 a share in its initial public offering last year, have shed more than 70% since the company’s debut on the NASDAQ.

Common with other high-growth tech firms, Robinhood has yet to turn a profit since its market debut, although some analysts took Tuesday’s announcement as a positive sign that the company is on an upward trajectory.

“We believe that once the market digests the 'shock' from the layoff's sheer size, investors will shift focus to fundamentals and path to profitability,” Mizuho analysts said in a Tuesday research note.

Robinhood is one of many fintech upstarts that have started slashing jobs ahead of an expected recession, along with crypto exchange Coinbase (NASDAQ:COIN) Global Inc, buy-now-pay-later company Klarna and NFT platform OpenSea.

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19-08-2022 15:57:15 (UTC+7)

EUR/USD

1.0084

-0.0004 (-0.04%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (6)

Sell (1)

EUR/USD

1.0084

-0.0004 (-0.04%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (6)

Sell (1)

GBP/USD

1.1886

-0.0044 (-0.37%)

Summary

Neutral

Moving Avg:

Buy (7)

Sell (5)

Indicators:

Buy (3)

Sell (4)

USD/JPY

136.51

+0.62 (+0.46%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (4)

Sell (2)

AUD/USD

0.6905

-0.0013 (-0.19%)

Summary

↑ Buy

Moving Avg:

Buy (9)

Sell (3)

Indicators:

Buy (8)

Sell (3)

USD/CAD

1.2978

+0.0031 (+0.24%)

Summary

Buy

Moving Avg:

Buy (7)

Sell (5)

Indicators:

Buy (4)

Sell (2)

EUR/JPY

137.66

+0.58 (+0.42%)

Summary

Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (5)

Sell (2)

EUR/CHF

0.9654

+0.0002 (+0.02%)

Summary

Buy

Moving Avg:

Buy (9)

Sell (3)

Indicators:

Buy (5)

Sell (3)

Gold Futures

1,766.95

-4.25 (-0.24%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (8)

Sell (1)

Silver Futures

19.152

-0.312 (-1.60%)

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↑ Buy

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Buy (9)

Sell (3)

Indicators:

Buy (10)

Sell (1)

Copper Futures

3.6240

-0.0075 (-0.21%)

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↑ Buy

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Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

Crude Oil WTI Futures

89.22

-1.28 (-1.41%)

Summary

Sell

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Buy (2)

Sell (10)

Indicators:

Buy (2)

Sell (4)

Brent Oil Futures

95.22

-1.37 (-1.42%)

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↑ Sell

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Buy (1)

Sell (11)

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Buy (1)

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Natural Gas Futures

9.072

-0.116 (-1.26%)

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↑ Sell

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Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (9)

US Coffee C Futures

215.93

+1.13 (+0.53%)

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↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (10)

Sell (0)

Euro Stoxx 50

3,747.85

-29.53 (-0.78%)

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Neutral

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Buy (6)

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Indicators:

Buy (5)

Sell (3)

S&P 500

4,283.74

+9.70 (+0.23%)

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Sell

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (0)

Sell (8)

DAX

13,580.65

-116.76 (-0.85%)

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Buy

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (6)

Sell (1)

FTSE 100

7,533.60

-8.25 (-0.11%)

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↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (0)

Hang Seng

19,772.50

+8.59 (+0.04%)

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Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (1)

Sell (3)

US Small Cap 2000

2,000.73

+13.41 (+0.68%)

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↑ Buy

Moving Avg:

Buy (12)

Sell (0)

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Buy (4)

Sell (2)

IBEX 35

8,349.25

-81.05 (-0.96%)

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↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (8)

BASF SE NA O.N.

43.355

-0.085 (-0.20%)

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Neutral

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (7)

Sell (1)

Bayer AG NA

53.28

-0.78 (-1.44%)

Summary

Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (3)

Sell (3)

Allianz SE VNA O.N.

175.61

-2.91 (-1.63%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (8)

Adidas AG

165.99

-1.53 (-0.91%)

Summary

↑ Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (7)

Sell (0)

Deutsche Lufthansa AG

6.313

-0.253 (-3.85%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (1)

Sell (9)

Siemens AG Class N

109.33

-0.93 (-0.84%)

Summary

Neutral

Moving Avg:

Buy (5)

Sell (7)

Indicators:

Buy (7)

Sell (1)

Deutsche Bank AG

8.600

-0.268 (-3.02%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (1)

Sell (10)

 EUR/USD1.0084↑ Buy
 GBP/USD1.1886Neutral
 USD/JPY136.51Neutral
 AUD/USD0.6905↑ Buy
 USD/CAD1.2978Buy
 EUR/JPY137.66Buy
 EUR/CHF0.9654Buy
 Gold1,766.95↑ Buy
 Silver19.152↑ Buy
 Copper3.6240↑ Buy
 Crude Oil WTI89.22Sell
 Brent Oil95.22↑ Sell
 Natural Gas9.072↑ Sell
 US Coffee C215.93↑ Buy
 Euro Stoxx 503,747.85Neutral
 S&P 5004,283.74Sell
 DAX13,580.65Buy
 FTSE 1007,533.60↑ Buy
 Hang Seng19,772.50Neutral
 Small Cap 20002,000.73↑ Buy
 IBEX 358,349.25↑ Sell
 BASF43.355Neutral
 Bayer53.28Sell
 Allianz175.61↑ Sell
 Adidas165.99↑ Buy
 Lufthansa6.313↑ Sell
 Siemens AG109.33Neutral
 Deutsche Bank AG8.600↑ Sell
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,600/ 6,700
(0/ 0) # 1,725
SJC HCM6,620/ 6,720
(0/ 0) # 1,745
SJC Hanoi6,620/ 6,722
(0/ 0) # 1,747
SJC Danang6,620/ 6,722
(0/ 0) # 1,747
SJC Nhatrang6,620/ 6,722
(0/ 0) # 1,747
SJC Cantho6,620/ 6,722
(0/ 0) # 1,747
Cập nhật 19-08-2022 15:57:18
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RON 95-V25.34025.840
RON 95-III24.66025.150
E5 RON 92-II23.72024.190
DO 0.05S22.90023.350
DO 0,001S-V24.88025.370
Dầu hỏa 2-K23.32023.780
ↂ Giá dầu thô thế giới
WTI$88.78+1.471.63%
Brent$94.66+1.191.24%
$ 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 15:49:08 19/08/2022
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