1 Popular Stock Down 86% I Wouldn't Buy With Free Money
Robinhood Markets (NASDAQ: HOOD) just reported its financial results for the second quarter of 2023. It joins a slew of important technology companies updating investors on their progress in this tough economic environment, and while some have beaten expectations, others have disappointed.
Robinhood falls in the latter category, except the economy can't really be blamed for its present situation. The user base on its investing platform -- which is popular with young investors -- continues to shrink, and any revenue growth the company generates is due mostly to high interest rates, which aren't expected to last.
Robinhood's stock price sank 7% following the release of its results, and it's now down 86% from its all-time high set all the way back in 2021. Here's why I still wouldn't consider buying this stock.
Source Fool.com
