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☆ Denny's closes its Oakland restaurant over safety concerns, days after In-N-Out announced plans to do the same
▼ + stars: | 2024-02-01 | by ( Grace Dean | ) www.businessinsider.com time to read: +2 min

Denny's has closed its only diner in Oakland, California over safety concerns. This comes hot on the heels of In-N-Out Burger's announcement that it's closing its Oakland restaurant. AdvertisementDenny's has closed its only restaurant in Oakland, California because of concerns about customer and staff safety. The restaurant had been open for 54 years and was located close to Oakland International Airport and Oakland Arena. AdvertisementThe announcement came just over a week after cult West Coast burger chain In-N-Out Burger said that it will close its Oakland restaurant in March.

Persons: Denny's, —, Burger, Denny Warnick Organizations: Service, Oakland International Airport, Oakland Locations: Oakland , California, Oakland

OAKLAND, Calif. (AP) — In-N-Out Burger says it will close its first location in its 75-year history due to a wave of car break-ins, property damage, theft and robberies affecting customers and employees alike at its only restaurant in Oakland, California. Oakland has seen a spike in property crime and robberies throughout the city located across the bay from San Francisco, the San Francisco Chronicle reported. Political Cartoons View All 253 ImagesThat number includes nine robberies, two commercial burglaries, four domestic violence incidents and 1,174 car break-ins, according to Oakland police data shared with the Chronicle. The Oakland Police Department did not immediately respond to a request for the data and comment from The Associated Press. In-N-Out Burger is based in Irvine, California.

Persons: Burger, ” Denny Warnick, ” Warnick, Sean Crawford, Sheng Thao, KTVU, ” Thao Organizations: OAKLAND, Oakland International, Associates, San Francisco Chronicle, Oakland, Chronicle, The Oakland Police Department, Associated Press, Coliseum Locations: Calif, Oakland , California, Oakland, San Francisco, Irvine , California

☆ In-N-Out is the latest company to blame store closure on crime
▼ + stars: | 2024-01-24 | by ( Erin Snodgrass | ) www.businessinsider.com time to read: +3 min

In-N-Out announced this week that it will close its Oakland location in March. The company cited increased and ongoing crime affecting its customers and employees. AdvertisementIn-N-Out said several of its stores have relocated in the company's 75 years, but the Oakland store will be its first ever closure. All employees at the Oakland In-N-Out will have the opportunity to transfer to a nearby location or receive a severance package, the company said. In-N-Out is the latest company to blame crime for store closures.

Persons: —, Burger, Denny Warnick, Warnick, Brian Cornell Organizations: Service, Associates, Business, ABC, Oakland, Target Locations: Oakland, California

☆ In-N-Out has never closed a location, until now. It cites crime as the problem
▼ + stars: | 2024-01-23 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +2 min

New York CNN —In-N-Out is permanently closing one of its restaurants for the first time ever, announcing that its Oakland location will soon shutter because of rampant crime in the California city. In-N-Out said in a statement that while “several” of its locations have relocated in its 75-year history, the Oakland closure is the first restaurant it has closed. A diner told CNN affiliate KPIX-TV that someone broke into their car recently while they were eating inside the In-N-Out location. An In-N-Out employee also told the station they’ve seen armed robberies at the restaurant’s parking lot. In-N-Out is a privately held company with roughly 400 locations around the United States, mostly on the west coast.

Persons: ”, Denny Warnick, Warnick, Councilwoman Treva Reid, she’s, Oakland’s, hasn’t, “, KPIX Organizations: New, New York CNN, Oakland Police Department, CNN, KGO, Contra Costa county Locations: New York, Oakland, California, San Francisco, United States, Contra Costa

☆ Robinhood misses Q3 revenue estimates on muted trading activity
▼ + stars: | 2023-11-07 | by ( Manya Saini | Thomson Reuters | Manya Saini Reports On Prominent Publicly Listed U.S. Financial Firms Including Wall Street S Biggest Banks | ) www.reuters.com time to read: +2 min

REUTERS/Brendan McDermid Acquire Licensing RightsNov 7 (Reuters) - Robinhood Markets (HOOD.O) missed Wall Street estimates for third-quarter revenue on Tuesday, weighed by a slowdown in trading activity, sending shares of the online brokerage down more than 9% in extended trading. Robinhood was at the center of the 2021 retail trading frenzy, driven by mom-and-pop investors who used the company's commission-free platform to pump money into so-called "meme stocks" during the pandemic-era lockdowns. Reuters GraphicsAccording to company executives, Robinhood often sees lower trading volumes around the holidays in November and December. The company also expects its interest revenue to decline in the current quarter on a sequential basis. Reuters GraphicsRobinhood's net revenue rose 29% to $467 million in the three months ended Sept. 30, but missed analysts' expectations of $478.4 million, as per LSEG data.

Persons: Brendan McDermid, Robinhood, Jason Warnick, Manya Saini, Shilpi Majumdar, Shounak Organizations: Robinhood Markets, Inc, Nasdaq, REUTERS, Reuters, U.S, U.S . Federal, Reuters Graphics, Thomson Locations: New York City, U.S, U.S ., Bengaluru

☆ Robinhood stock is tumbling as earnings show monthly active users plunged by 1 million in the 2nd quarter
▼ + stars: | 2023-08-03 | by ( Phil Rosen | ) www.businessinsider.com time to read: +2 min

The trading firm said monthly active users declined by about 1 million per month in the quarter. Still, the platform saw its first profitable quarter ever and growing popularity for its retirement offerings. The company reported that its monthly active users dipped to 10.8 million on average last quarter. That's down from 11.8 million in the first quarter and from more than 21 million at the height of the pandemic meme-stock craze in 2021. Still, Robinhood did its first-ever profitable quarter as a public company largely thanks to the high interest-rate environment created by the Federal Reserve.

Persons: Robinhood, Jason Warnick Organizations: Service, Federal Reserve Locations: Wall, Silicon, New York

☆ Robinhood beats revenue estimates, shares fall on decline in users
▼ + stars: | 2023-08-02 | by ( ) www.cnbc.com time to read: +2 min

Robinhood reported higher second-quarter revenue on Wednesday as interest rates continued to buoy the online brokerage's interest income, achieving profitability for the first time as a public company even as it saw fewer users. Shares of the company, which was at the center of 2021's retail trading frenzy, were last down 4% in extended trading as investors scrutinized the platform's decline in monthly active users. As a result, transaction-based revenue declined 5% in the second quarter. Monthly active users also decreased to 10.8 million, one million fewer compared to the previous quarter and 3.2 million fewer than the year prior. Earnings per share in the second quarter were $0.03, beating analysts' average estimate of a loss of $0.01, according to Refinitiv data.

Persons: Robinhood, We've, we've, Jason Warnick Organizations: Menlo Locations: U.S, Menlo Park , California

☆ Leaked audio reveals deeper cuts at Robinhood as its engineering boss exits
▼ + stars: | 2023-07-20 | by ( Ashley Stewart | ) www.businessinsider.com time to read: +2 min

Robinhood's head of engineering Surabhi Gupta is leaving the company, Insider has learned. Robinhood last month laid off 150 full-time employees but leaked meeting audio reveals wider cuts. The company has also made cuts through "reorgs," among teams like recruiting, engineering, and data science. Robinhood's head of engineering is leaving the company, Insider has learned, the latest tech leader to depart amid deeper-than-reported cuts to its workforce, according to internal memos and audio of an all-hands meeting. The layoff was widely reported, but audio of an all-hands meeting reviewed by Insider show ongoing cuts have been deeper.

Persons: Gupta, Robinhood, Surabhi Gupta, Jesper Johansson, Johansson, Surabhi, Jason Warnick, Warnick Organizations: LinkedIn

☆ Robinhood beats revenue estimates as rate hikes bolster interest income
▼ + stars: | 2023-05-10 | by ( Manya Saini | Thomson Reuters | Manya Saini Reports On Prominent Publicly Listed U.S. Financial Firms Including Wall Street S Biggest Banks | ) www.reuters.com time to read: +2 min

May 10 (Reuters) - Robinhood Markets Inc (HOOD.O) blew past Wall Street estimates for first-quarter revenue on Wednesday, as the U.S. Federal Reserve's rapid rate hikes boosted the online brokerage's interest income. Net interest revenue came in at $208 million in the first quarter ended March 31, compared with $55 million a year earlier. Meanwhile, monthly active users decreased to 11.8 million, compared with 15.9 million a year earlier. Transaction-based revenue declined 5% in the reported quarter to $207 million from last year. The Menlo Park, California-based company reported revenue of $441 million, compared with $299 million a year earlier.

The board of directors of Robinhood has approved a plan to buy up to 55 million shares bought by Sam Bankman-Fried last year. The ex-CEO of the now bankrupt crypto exchange FTX originally purchased his stake in May 2022 through Emergent Fidelity Technologies. "Our board authorized us to buy the shares of Robinhood that were originally acquired by Emergent Fidelity Technologies, that FTX subsidiary," Robinhood CFO Jason Warnick told CNBC. According to a Jan. 20 DOJ filing, Bankman-Fried held 55,273,469 Robinhood shares, over 7% of the company's outstanding shares. The shares are also at the heart of a contentious court battle between FTX, Bankman-Fried, crypto lender BlockFi, and a set of international entities.

☆ Robinhood revenues rises on higher rates, plans share buyback from Emergent
▼ + stars: | 2023-02-08 | by ( Manya Saini | ) www.reuters.com time to read: +2 min

Robinhood also authorized the purchase of its shares from Sam Bankman-Fried's Emergent Fidelity Technologies, even as the ownership of the stock remains in flux amid multiple legal hurdles. Combined with worries of an economic slowdown, the brokerage's transaction-based revenue in the quarter declined 30%. Net loss in the quarter narrowed to 19 cents per share, compared with 49 cents per share last year. The Menlo Park, California-based company reported revenue of $380 million in the three months ended Dec. 31, compared with $363 million a year earlier. Reporting by Manya Saini in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

☆ Here are Thursday's biggest analyst calls: Apple, Tesla, Imax, Netflix, Robinhood, Amazon & more
▼ + stars: | 2022-12-22 | by ( Michael Bloom | ) www.cnbc.com time to read: +7 min

Evercore ISI initiates American Express Global Business Travel Group as outperform Evercore initiated the corporate travel business company with an outperform rating and said it's a beneficiary of corporate travel recovery. AmEx GBT is the leading business to business travel management platform, providing software and services to manage travel, expenses, and events for corporate travel." Morgan Stanley reiterates Tesla as overweight Morgan Stanley said it sees a "buying opportunity" for shares of Tesla. Piper Sandler reiterates Tesla as overweight Piper said Tesla could become a key ESG holding. Morgan Stanley reiterates Wells Fargo as overweight Morgan Stanley said the banking giant is a top beneficiary of rate increases. "

☆ Robinhood Cuts Losses After Transaction Revenue Drops
▼ + stars: | 2022-11-02 | by ( Vicky Ge Huang | Alexander Osipovich | ) www.wsj.com time to read: 1 min

Robinhood has faced stiff competition from larger and more entrenched players in the brokerage industry. Net losses at Robinhood Markets Inc. fell in the third quarter after a steep drop in expenses helped offset declining revenue and lower user numbers. The online broker reported third-quarter revenue of $361 million, a year-over-year decrease of 1% and a seventh consecutive quarterly drop. Rising interest rates helped lift quarterly net interest revenue to $128 million, more than doubling from the same period a year ago. Chief Financial Officer Jason Warnick said the company has about $17 billion in assets that generate interest revenue.

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