People wait in line for T-shirts at a pop-up kiosk for online broker Robinhood on Wall Street after the company went public earlier in the day in New York City on July 29, 2021 was.
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Check out the companies that are making headlines after the bell:
Robinhood – The commission-free trading app’s stocks fell more than 5% in after-hours trading following its first earnings report as a publicly traded company. Robinhood reported a net loss of $ 502 million or a loss of $ 2.16 per share within the company’s expected net loss of $ 487 million to $ 537 million. Revenue more than doubled to $ 565 million, boosted by a massive surge in crypto trading.
Cisco – The network hardware company’s shares were down over 1% in expanded trading, even after the company’s quarterly earnings and earnings beat analysts’ expectations. Cisco reported adjusted earnings of 84 cents per share, according to Refinitiv, compared to 82 cents per share as analysts expected. The profit forecast was a bit disappointing.
Nvidia – The chip giant saw its shares surge on its quarterly earnings report. Nvidia’s earnings and revenue for the second fiscal quarter surpassed Wall Street estimates amid strong graphics card sales. However, the cryptocurrency chip products had lower sales of $ 266 million. The company forecast in May that the segment would hit $ 400 million.
Wells Fargo – The bank’s stock slipped slightly after the lender said it was reversing a decision to close personal lines of credit to its customers due to backlash from customers. The bank keeps the products ready for those who have actively used them or want to reactivate old ones, but does not offer the credit lines to new customers.