Robinhood jumps in extended trade after rev beat, 24-hour trading announcement
Reuters
Published May 10, 2023 06:13PM ET
By Stephen Culp
NEW YORK (Reuters) - Shares of Robinhood Markets Inc (NASDAQ:HOOD) were last up 2.4% in extended trading after the company beat quarterly revenue forecasts and confirmed it would launch 24-hour trading services.
The financial services platform, which came to the fore in 2021 amid the retail trading frenzy surrounding so-called meme stocks, also reported an adjusted quarterly loss of 57 cents per share, narrower than the 61-cent loss analysts expected.
Of the 14 analysts covering the stock, three recommend "buy," seven say "hold," and the remaining four have "sell" ratings.
As of Wednesday's close, the stock has risen 11.4% so far this year, compared with the Nasdaq's 17.6% advance over the same time period.
Robinhood is nearing its second anniversary as a publicly listed company, and the stock closed on Wednesday 76.1% below its offer price of $38 per share.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.