Popular online brokerage Robinhood's cryptocurrency revenue surged by 232%, exceeding expectations, leading to a post-market surge of over 7% | Financial Report Insights
Robinhood's key financial indicators have performed well across the board, exceeding expectations, with net profit and EPS turning losses into gains. Cryptocurrency revenue surged by 232%. Overnight, Robinhood's stock rose by approximately 7.17% in after-hours trading
Popular online brokerage firm Robinhood saw a 232% surge in cryptocurrency revenue in the first quarter, driving profits above expectations, with the stock price rising by about 7.2% after hours.
On May 9th, Robinhood announced better-than-expected first-quarter performance. The financial report showed that in Q1, Robinhood's total revenue was $618 million, exceeding analysts' expectations of $5.468 billion; net profit was $157 million, achieving profitability for the second consecutive quarter, compared to a loss of $511 million in the same period last year; earnings per share (EPS) were $0.18, beating analysts' expectations of $0.06, compared to a loss of $0.57 per share in the same period last year.
Furthermore, the company's core business - trading services - continued to perform strongly, with trading-based revenue in the first quarter reaching $329 million, also surpassing analysts' expectations of $2.553 billion. The company's assets under custody reached $129.6 billion, exceeding analysts' expectations of $120.43 billion. It is worth noting that cryptocurrency revenue in the first quarter increased by 232% year-on-year to $126 million, significantly exceeding analysts' expectations of $70.9 million.
Additionally, the company had 13.7 million monthly active users in the first quarter, higher than analysts' expectations of 11.29 million.
Looking ahead, despite strong performance, the company maintains its full-year operating expense forecast unchanged at $1.85 billion to $1.95 billion. Overnight, Robinhood's stock on the US market rose by 7.17% after hours.
In response, users on X platform expressed their excitement:
"Exciting news alert! Robinhood holds as much as $26 billion in cryptocurrency in the first quarter of 2024, let's celebrate this significant milestone in the digital asset world!"
"Robinhood has more potential than sofi."
