Welcome to Seeking Alpha's Wall Street Lunch, our afternoon update on today's market action, news, and analysis.

Good afternoon. Today is Wednesday, April 29th, and I'm your host, Kim Khan. Our top story so far.

Robin Hood is tumbling after Q1 earnings and revenue revenue both missed estimates, and the company lifted its

expense outlook due to the impact of Trump accounts. Gap EPS came in at 38 cents, just below

the 39 consensus. Revenue of $1.07 billion trailed expectations of $1.14 billion. Average revenue

per user fell to $157 from 191 in the prior quarter.

Transaction-based revenue declined to 623 million from 776 in Q4.

Crypto revenue dropped 47% on the year to 134 million, while options revenue rose 8% to 250 million,

and equities revenue jumped 46% to 82 million.

Robin Hoone also raised its 26 combined adjusted operating expense and share-based compensation guidance to $2.7 billion

to $2.825 billion, above prior guidance and consensus. Our work for Trump accounts is contracted

on a cost-plus basis with a small margin, so we expect

revenues to exceed costs, the company said. Investment manager Ross Gerber of Gerber Kawasaki

said Robert Hood only makes money when you gamble and lose on stock options, crypto, and

betting. This is a gambling app, nothing more. They make money when you lose. Among other

active stocks, Seagate technology and NXP semiconductors are surging post-earnings.

On Seagate, Morgan Stanley analyst Eric Woodring said,

For the third quarter in a row, our prior bull case is becoming our new base case for STX,

as pricing, gross margins, and earnings power continue to exceed our above street forecasts.

On NXP, Morgan Stanley analyst Joseph Morris, said the company provided the confidence and clarity

needed to support its long-term story, citing new data center disclosure, broader analog momentum,

and continued design wind ramps.

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