Wall Street

Robinhood shares jump 12% on job cuts, smaller-than-feared loss

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Reuters UK

By Manya Saini and Hannah Lang (Reuters) -Shares of Robinhood Markets Inc closed up nearly 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 cheered Robinhood’s move to reduce expenses via ano…

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