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Robinhood jumps in extended trade after rev beat, 24-hour trading announcement

Stephen Culp
·1-min read
FILE PHOTO: Robinhood Markets Inc's IPO on the Nasdaq

By Stephen Culp

NEW YORK (Reuters) - Shares of Robinhood Markets Inc 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.

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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.

(Reporting by Stephen Culp in New York; Editing by Matthew Lewis)