- Robinhood reported record revenue of $618 million, a 40% rise year-on-year.
- Crypto revenue accounted for $128 million, a huge 232% increase.
As optimism surged, Robinhood Markets Inc. reported higher-than-expected profits for the first quarter of 2024. The business revealed revised financial results for the first quarter in a press statement dated May 8.
Robinhood reported record revenue of $618 million, a 40% rise year-on-year, and GAAP Diluted EPS of $0.18, as stated in the statement. An increase in transactions also led to a spike in the platform’s user base. The most recent quarter saw a 59% year-over-year rise in transaction-based revenues, reaching $329 million.
Substantial Growth
Crypto revenue accounted for $128 million, a huge 232% increase, while options brought in $154 million and equities $39 million, according to the statement. The two fields had increases of 16% and 44%, correspondingly.
After posting a loss of $511 million in Q1 2023, Robinhood’s net profits surged to $157 million year over year. Additionally, operational expenditures fell 52% from the previous year. Despite reaching new heights in net deposits and gold subscribers, the firm continued to highlight its plan. Newly optimistic data for net deposits and gold subscribers indicated robust interest this year as the second quarter began.
The company established records for quarterly revenues as numerous causes developed, according to Jason Warnick, Robinhood’s chief financial officer. Cryptocurrency values surged in the first quarter of the year, with Bitcoin reaching a new all-time high.
Since this happened, cryptocurrency stock prices have risen, and it has been influencing financial news. Similar to Robinhood, due to stronger market performance, Coinbase also reported higher-than-expected profits in the first quarter.
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