The popular millennial trading platform released its earnings report on May 8, beating analyst estimates.
According to its first-quarter results, Robinhood reported record revenues of $618 million, up 40% year-over-year.
Additionally, revenue from cryptocurrencies surged 232% to $126 million.
“Transaction-based revenues increased 59% year-over-year to $329 million, primarily driven by cryptocurrencies,” the firm stated.
Robinhood’s crypto revenue tripled in Q1 pic.twitter.com/Z6UtTWvz4C
— Jeff Roberts (@jeffjohnroberts) May 8, 2024
Robinhood Record Revenue
Net income for the first quarter totaled $157 million, or 18 cents a share. This eclipsed the 6-cent average estimate from analysts and compared to a loss of $511 million, or 57 cents, a year earlier.
The firm also