2025-04-30 20:49

Transaction based revenue jumps 77% Cryptocurrencies revenue doubled Gold subscribers reach record 3.2 million April 30 (Reuters) - Retail trading platform Robinhood's (HOOD.O) , opens new tab first-quarter profit more than doubled and beat analysts' estimates on Wednesday, driven by a surge in trading volumes from clients looking to hedge their positions amid choppy markets. The company's transaction-based revenue, or income generated from fees for facilitating trading in options, cryptocurrency and equities, jumped 77% in the quarter. Sign up here. Majority of the gains came from a 100% jump in crypto trading activity as bitcoin remained choppy during the quarter. U.S. President Donald Trump's erratic trade policy had triggered volatility across asset classes during the first three months of the year, benefiting platforms such as Robinhood by boosting trading activity. "We're diversifying the business outside of crypto, which will make us less reliant on crypto transaction volumes in the future," CEO Vladimir Tenev said in a call. Revenue from options trading climbed 56% and from equities surged 44% in the quarter. Net interest revenue, the bulk of which comes from margin investing, jumped 14% to $290 million. Total platform assets jumped 70% over last year to $221 billion, with record net deposits of $18 billion. "Customers are not only trading more with us, but they're entrusting us with more of their assets," Tenev added. Net income attributable to common stockholders came in at $336 million, or 37 cents per share, in the three months ended March 31. That compares with a profit of $157 million, or 18 cents per share, a year earlier. Analysts had expected a profit of 33 cents per share, according to data compiled by LSEG. Total net revenue of the company, which has announced the rolling out of wealth management and private banking services, climbed 50% to $927 million. Robinhood Gold - its premium services membership program - subscribers nearly doubled to 3.2 million. The Menlo Park, California-based company's shares, which have gained nearly 32% in 2025, were last up 1.5% in choppy trading after the bell. Robinhood also increased its share repurchase authorization by $500 million to $1.5 billion. https://www.reuters.com/technology/robinhood-quarterly-profit-jumps-crypto-trading-surge-2025-04-30/

2025-04-30 20:40

Q1 GDP contracts at 0.3% rate SMCI plunges after Q3 forecast cut Caterpillar ends higher after choppy trading session Dow up 0.35%, S&P 500 up 0.15%, Nasdaq down 0.09% NEW YORK, April 30 (Reuters) - The Dow and S&P 500 closed higher after a late rally on Wednesday, erasing declines from most of the session after data showed the economy contracted in the first quarter for the first time in three years. In a session filled with economic data, the Commerce Department said its advance gross domestic product report showed a 0.3% contraction for the first quarter, falling short of expectations for 0.3% growth, according to economists polled by Reuters. Sign up here. A separate report on monthly consumer spending, which accounts for more than two-thirds of economic activity, showed a jump of 0.7% in March, topping expectations for a 0.5% rise. Both the GDP and consumer spending data appeared to be affected by the trade war, as businesses and consumers pulled forward spending to avoid tariffs. Wednesday's reports join a series of data releases this month that have pointed to an increasingly uncertain outlook for the U.S. economy, as the fallout from the Trump administration's steep tariffs and unpredictable trade policy takes effect. A gauge of the labor market indicated U.S. private payrolls growth slowed more than expected in April, as the ADP National Employment Report revealed an increase of only 62,000 jobs, well short of the 115,000 estimate, after a downwardly revised 147,000 gain in March. On the plus side, a gauge of inflation showed price pressures cooled in March, stemming some fears for a possible stagflation environment, when growth slows and prices rise. Jamie Cox, managing partner at Harris Financial Group in Richmond, Virginia, said he was surprised GDP numbers were not worse, given the import surge. "Underneath, however, real final demand remains super strong. Those who underestimate the U.S. consumer, do so at their own peril." The Dow Jones Industrial Average (.DJI) , opens new tab rose 141.74 points, or 0.35%, to 40,669.36, the S&P 500 (.SPX) , opens new tab gained 8.23 points, or 0.15%, to 5,569.06 and the Nasdaq Composite (.IXIC) , opens new tab lost 14.98 points, or 0.09%, to 17,446.34. The Dow had fallen as much as 1.9%, the S&P lost as much as 2.3% and the Nasdaq shed as much as 2.9% during the session. Traders are now pricing in a full percentage point interest rate cut from the Federal Reserve by the end of the year, although recent comments from Fed Chair Jerome Powell and other officials have indicated the central bank is likely to be cautious before adjusting policy. Consumer staples (.SPLRCS) , opens new tab were among the best performing sectors, up 0.7% in part due to a 3.8% climb in chocolate and snack company Mondelez (MDLZ.O) , opens new tab after its quarterly results topped expectations. After the closing bell, Meta Platforms (META.O) , opens new tab rose more than 4% after its quarterly earnings beat estimates, and Microsoft (MSFT.O) , opens new tab shot up nearly 6% after its results topped revenue estimates as businesses ramped up spending on AI tools. Concerns about a deceleration in AI investment had been spurred earlier in the session by Super Micro Computer (SMCI.O) , opens new tab, which cut its third-quarter forecasts due to delays in customer spending, while Snapchat parent Snap (SNAP.N) , opens new tab said it would not provide a second-quarter financial forecast, the latest in a string of companies in various sectors that have withdrawn their outlooks. Super Micro tumbled 11.5% and Snap plummeted 12.4%. Dow component Caterpillar (CAT.N) , opens new tab shares were choppy after its disappointing quarterly results, ending with a 0.6% gain. After a sharp slump following the April 2 tariff announcements by U.S. President Donald Trump, stocks have rebounded, but the Dow and S&P 500 still registered monthly declines, while the late-day rally lifted the Nasdaq to a slight monthly gain. For the month, the S&P 500 fell 0.76%, the Nasdaq rose 0.85%, and the Dow fell 3.17%. Wednesday marks 100 days since Trump took office. Changes in trade policies and tariffs have heightened uncertainty and fueled volatility, negating initial enthusiasm after his November election over the possibility of business-friendly policies such as deregulation and tax cuts. Declining issues outnumbered advancers by a 1.19-to-1 ratio on the NYSE and by a 1.28-to-1 ratio on the Nasdaq. The S&P 500 posted 10 new 52-week highs and three new lows while the Nasdaq Composite recorded 39 new highs and 85 new lows. Volume on U.S. exchanges was 16.97 billion shares, compared with the 19.57 billion average for the full session over the last 20 trading days. https://www.reuters.com/business/us-stock-futures-tepid-ahead-data-storm-megacap-earnings-2025-04-30/

2025-04-30 20:39

TSX ends down 0.1% at 24,841.68 For the month, the index dips 0.3% Energy falls 2.3% as oil settles 3.7% lower Quarterly results boost Loblaw Companies April 30 (Reuters) - Canada's main stock index edged lower on Wednesday, adding to its modest monthly decline, as investors assessed U.S. gross domestic product data for signs of trade tariffs upending the global economy. The Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) , opens new tab ended down 32.8 points, or 0.1%, at 24,841.68. Sign up here. For the month, it was down 0.3%, its third straight monthly decline. Still, it has rebounded 10.4% from a near eight-month low earlier in April. The U.S. economy contracted for the first time in three years in the first quarter, swamped by a flood of imports as businesses raced to avoid higher costs from tariffs and underscoring the disruptive nature of President Donald Trump's often chaotic trade policy. "The disappointing (U.S.) jobs and GDP numbers this week - they don't really reflect the effect all these tariffs have had yet," said Michael Sprung, president of Sprung Investment Management. "Going forward, it doesn't appear that things are going to get better any time soon." Domestic data was also downbeat, showing that gross domestic product contracted by 0.2% in February on a monthly basis as activities across mining, oil and gas and construction sectors shrank. The technology sector fell 1.8%, giving back some of its gains in recent days. Shares of e-commerce company Shopify Inc (SHOP.TO) , opens new tab ended 4.2% lower. Energy was down 2.3% as the price of oil settled 3.7% lower at $58.21 a barrel on concerns that trade tensions could erode fuel demand. Consumer staples added 1.7%, helped by a gain of 2.5% for the shares of Loblaw Companies Ltd after the retailer exceeded analysts' expectations for first-quarter revenue and profit. The interest-rate-sensitive utilities and real estate sectors added 1% and 0.9% respectively as bond yields fell. The Canadian 10-year yield was down 4.7 basis points at 3.087%, trading near its lowest level since April 17. https://www.reuters.com/markets/europe/tsx-futures-dip-ahead-us-data-storm-2025-04-30/

2025-04-30 20:33

April 30 (Reuters) - Japan's Sumitomo (8053.T) , opens new tab and impact investment fund Builders Vision have invested in U.S.-based rare earths processing startup Phoenix Tailings, the latest move by manufacturers to boost production of the critical minerals outside of China. Rare earths are a group of 17 metals used to make magnets that turn power into motion for electric vehicles, cell phones and other electronics. Sign up here. The existing standard to refine these minerals, known as solvent extraction, is an expensive and dirty process that gradually became unpopular in the United States after it was developed in the 1950s but one that Chinese companies have mastered. China's exports of rare earths have ground to a halt, fueling a scramble across the West for replacements. Phoenix says its process can produce rare earths from mined ore or recycled equipment with little to no emissions. Sumitomo's Presidio venture arm, along with Builders Vision, Yamaha Motor (7272.T) , opens new tab, and venture capital funds Envisioning Partners, MPower and Escape Velocity, joined a $33 million tranche for Phoenix's Series B funding round, which closed on April 25, the company said. Phoenix declined to disclose each investor's funding. The company will use the funding as part of its construction of a $13 million facility in Exeter, New Hampshire, that can produce 200 metric tons of rare earths annually initially and should open later this year. The company last December closed a first tranche of its Series B round worth $43 million, bringing the total round to $76 million. A $10 million Series A funding round closed in August 2021. https://www.reuters.com/sustainability/land-use-biodiversity/japans-sumitomo-builders-vision-back-us-rare-earths-startup-phoenix-tailings-2025-04-30/

2025-04-30 20:30

Google to award $10 million grant for electrician training Funding comes as Big Tech's data center expansion slowed by lacking power availability Company also releasing white paper with energy policy recommendations NEW YORK, April 30 (Reuters) - Google (GOOGL.O) , opens new tab will fund the training of tens of thousands of new U.S. electricians, the company told Reuters on Wednesday, as Big Tech wades deeper into the country's power industry on its hunt for the massive amounts of electricity needed for its AI expansion. A lack of access to power supplies has become the biggest problem for giant technology companies racing to develop artificial intelligence in energy-intensive data centers, which are driving up U.S. electricity demand after nearly 20 years of stagnation. Sign up here. The situation has led President Donald Trump to declare a national energy emergency aimed at speeding up permitting for generation and transmission projects. Google's funding, which includes a $10 million grant for electrical worker nonprofits, is the latest in a series of recent moves by giant technology companies to alleviate power project backlogs and electricity shortfalls across the United States. In another example, Microsoft announced last year that it would partner with Constellation to restart a reactor at the Three Mile Island nuclear power plant in Pennsylvania - site of one of the country's worst nuclear incidents - to feed its data centers. Data centers could triple their power use in the U.S. over the next three years to make up 12% of the country's electricity consumption, according to a Department of Energy-backed study. To meet the demand, the country will need more power plants, transmission lines and the workforce to support them. The market for electricians is projected to grow 6% annually in the next seven years, the Bureau of Labor Statistics said. The Google grant will be used for electrician apprenticeship programs and the training of existing workforce through organizations, including the Electrical Training Alliance, International Brotherhood of Electrical Workers and the National Electrical Contractors Association. It could increase the pipeline of electrical workers by 70% by the end of the decade, the company said. "This initiative with Google and our partners at NECA and the Electrical Training Alliance will bring more than 100,000 sorely needed electricians into the trade to meet the demands of an AI-driven surge in data centers and power generation," said Kenneth Cooper, international president of the IBEW labor union. Google, earlier this month, announced that it was partnering with the biggest regional U.S. electrical grid -- operated by PJM Interconnection -- to deploy artificial intelligence technologies aimed at getting new electricity supplies and power lines connected faster. It has struck the first corporate agreements to purchase energy from multiple small nuclear reactors and advanced geothermal energy for its data centers. The company will also release a white paper , opens new tab on Wednesday on ways to speed up the expansion of the grid. The white paper, which Reuters is first to report, includes policy recommendations to support new energy technologies like small modular reactors and advanced geothermal. Among those proposals is cost-overrun protections for advanced nuclear reactors through the Department of Energy Loan Program Office, accelerating permitting at the Nuclear Regulatory Commission and bolstering a domestic nuclear fuel supply. The paper also recommends Congress take action to expedite certain permitting for carbon capture, the build-out of transmission lines and to support technologies to increase efficiency on the existing grid. https://www.reuters.com/sustainability/boards-policy-regulation/google-funding-electrician-training-ai-power-crunch-intensifies-2025-04-30/

2025-04-30 20:30

JERUSALEM, April 30 (Reuters) - Wildfires raged on the outskirts of Jerusalem on Wednesday, forcing the evacuation of communities and the closure of a main highway as Israel appealed for international assistance to help fight the blaze. TV footage showed fires burning along the main Route 1 Jerusalem to Tel Aviv highway and people abandoning cars and running away from the flames as thick smoke billowed over the surrounding hilltops. Sign up here. Prime Minister Benjamin Netanyahu said Italy and Croatia were expected to send three firefighting planes to help extinguish the flames. Israel has also appealed to Greece, Cyprus and Bulgaria, the Foreign Ministry said. Israeli media reported that 120 fire and rescue services had mobilised dozens of teams, aircraft and helicopters to try to contain the fires and the military said its search and rescue forces were assisting the operations. Three communities were evacuated, police said, and at least 13 people were injured. There were no reports of fatalities. The fire broke out on Israel's Memorial Day for fallen soldiers and many ceremonies marking the eve of its Independence Day were cancelled, including the main state event due to be held in Jerusalem. https://www.reuters.com/world/middle-east/israeli-wildfires-force-evacuations-road-closures-memorial-day-2025-04-30/