Robinhood shares jump 13% after job cuts, smaller-than-feared loss

Analysts welcomed Robinhood's bid to get its expenses under control, suggesting the move could be positive for the company's flailing stock

Shares of Robinhood Markets rose more than 13% 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 another round of layoffs, which will cut its headcount by 23%, on top of the 9% of