The share price of trading broker Robinhood gyrated during Friday’s trading session after the company reported earnings results that fell short of Wall Street’s expectations.
The company cited higher technology and administrative costs for its $423 million net loss this quarter after market close on Thursday. The firm also reported it expects its Q1 revenue to hit $340 million—far less than analysts’ expectation of $448.2 million.
On Friday, its shares plunged at the start of the trading session, but it parred those losses and currently shares are trading hands at $11.78— up 1.4%.
This marks a period of relief for the stock that’s been hammered since going public last summer. It is down more than 80% from its all time high price of $85 and is a reversal of fortunes for the company that capitalized on the pandemic boom in trading and grew rapidly in 2021.
The company plans to further expand on its product offerings by launching a crypto wallet expected at the end of March.