Market Recap – May 8th

Markets were mixed yesterday with the S&P 500 unchanged to close at 5,187.67, the NASDAQ lost -0.18% to close at 16,302.76, and the Dow Jones Industrial Average gained +0.44% to close at 39,056.39. The VIX was at 13.

Today we are watching Uber and Robinhood. Popular ride app Uber dropped -5.72% yesterday after weaker ride-share demand hurts Q2 forecast. This was in sharp contrast to competitor Lyft which had an upbeat guidance on Tuesday. Uber reported a surprise net loss of $654 million versus an expected profit from analysts of $503.1 million. The company expects second quarter gross bookings to range from $38.75 billion to $40.25 billion. The stock closed at $66.40.

Popular retail trading app Robinhood reported its second straight quarterly profit as higher rates and crypto trading drove revenue growth. It reported 18 cents a share, beating the 6 cents expected by Bloomberg. A year ago, Robinhood reported a loss of 57 cents a share on a loss of $511 million. The CFO confirmed they delivered margin expansion and revenue growth while also increasing investment in marketing and growth. Revenue from crypto was up 232% to $126 million and net revenue was up 40% to $618 million. Robinhood warned earlier this week it is on notice from the SEC facing an enforcement action over its crypto business. The stock was up 4.26% in after-hours trading at $18.61.

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