Why Robinhood Stock Got Another Shock Today
A mere two days after spooking investors with news of deep job cuts, Robinhood Markets (NASDAQ: HOOD) delivered another stinger. The company reported its first-quarter earnings after trading hours on Thursday, and in a see-saw session the following day, its stock closed almost 3% lower after rising by as much as 6.9% over the course of the day.
Well, your stock would probably fall too if you reported dynamics like this: For the quarter, Robinhood's total net revenue suffered a 43% year-over-year decline to $299 million. At least the situation is getting better on the bottom line where the next-generation securities brokerage posted a $392 million ($0.45 per share) net loss, compared to the yawning $1.4 billion shortfall in the year-ago quarter.
Image source: Getty Images.
Source Fool.com
