Robinhood Markets Inc. (NASDAQ:HOOD) and SoFi Technologies Inc. (NASDAQ:SOFI) shares traded sharply lower on Wednesday after quarterly results suggested investors are growing less forgiving toward fintech names where headline growth is offset by misses, margin pressure or segment-specific weakness.
- SOFI stock is dropping. See the chart and price action here.
HOOD Q1 Disappoints
Robinhood shares were down 12.25% at $72.02 after the company reported first-quarter revenue of $1.07 billion, below estimates of $1.14 billion.
Earnings came in at 38 cents per share, missing estimates of 40 cents.
The selloff came even as Robinhood reported 15% year-over-year revenue growth, $346 million in net income, $17.7 billion …