Robinhood’s browser-based desktop trading platform is now available to customers in the United Kingdom. First introduced last year, Robinhood Legend is designed for active traders and is available at no added cost to anyone with a Robinhood account.
Robinhood launched Legend in the United States in October as part of a wider slate of new products. The company debuted Robinhood Strategies, a wealth management service aimed at its less wealthy clients, in March. At the same time, the company introduced Robinhood Banking, a banking platform featuring checking and savings accounts. Robinhood’s stock gathered 13.4%.
Meanwhile, Affirm’s stock rose by 7%. The buy now, pay later firm announced May 29 the expansion of its partnership with Williams-Sonoma into Canada, building on the multiyear partnership in the U.S.
The joint efforts will bring Affirm to Canadians shopping at Williams-Sonoma’s family of brands including Williams Sonoma, West Elm, Pottery Barn, Pottery Barn Teen, Pottery Barn Kids and Mark & Graham. After selecting Affirm at checkout, consumers are subject to a real-time eligibility check, and upon approval, a customized payment plan.
Earnings Trickle In
Futu released earnings results May 29 that showed 26.2 million registered users, 5 million brokerage accounts and 2.7 million funded accounts at the end of the March quarter. Client assets grew 12% quarter over quarter and 60% year over year, reaching $107 billion.
The company said in a May 29 press release that the U.S. and Australia logged double-digit quarterly growth in total funded accounts. The firm “continued to see accelerated client acquisition throughout the quarter, with a double-digit quarter-over-quarter increase in client assets and a nearly 20% quarterly rise in daily active users on its app.”
Futu shares were up by 0.2%.
Separately, nCino, which saw its shares gain 3.7%, said it would lay off 7% of its global workforce, WilmingtonBiz reported May 27.
Total revenues for the first quarter, which ended in April, were up 13% from last year, to $144.1 million, according to earnings results released May 28. Subscription revenues added 14% year on year, to $125.6 million. The company guided to revenues of $142 million to $144 million in the second quarter, which will end July 31.
DeFi Development Corp. announced Thursday (June 5) a partnership with Amber International Holding, which provides institutional cryptocurrency financial services and solutions and operates under the brand name Amber Premium. The two companies have agreed to collaborate across SOL-denominated treasury acquisition, structured products, staking and validator integration. Amber Premium may serve as a broker for DeFi Development Corp.’s treasury acquisitions. Shares were down 27.3%.
AMTD shares lost 20%. This week, the company completed its previously announced business combination with The Generation Essentials Group, an entity jointly established by AMTD Group, AMTD IDEA Group, AMTD Digital and Black Spade Acquisition II Co., a special-purpose acquisition company (SPAC).
