Uber is seeing positive cash flow for the first time ever. Reduced COVID fears helped the rideshare company rake in $8 billion in revenue. Passenger trips in early spring and summer rose 25% over last year.
More layoffs are happening at Robinhood. The stock trading service is getting rid of nearly a quarter of its full-time staff. The CEO blamed inflation and a crypto market crash. Robinhood cut 9% of its workers in April.
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Shares for a tech firm called AMTD Digital have gone up 20,000% since it went public last month. The company admits it hasn’t done anything remarkable since then. Daytraders using online forums on Reddit and Twitter apparently just like the company. But beware, what goes up this fast can go down this fast.