To be even more precise, ineffective in hospitalized patients. UMN has done another study for "outpatient" (that is, not hospitalized) treatment and sent the results for review.
I'm not expecting any different results than from this one, but we'll know soon enough.
The RECOVERY study is also studying azithromycin, a drug commonly administered with HCQ when used against this disease. It would be ironic if that one proves to be effective (study is still ongoing).