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Robinhood Q1 Earnings Highlights: Revenue Beat, EPS Beat, Over 1 Million On Gold Credit Card Waitlist
Trading platform Robinhood Markets (NASDAQ:HOOD) reported first-quarter financial results after the market close Wednesday.
Here are the key highlights.
What Happened: Robinhood reported record revenue of $618 million, up 40% year-over-year. The revenue total beat a Street consensus estimate of $548.6 million, according to data from Benzinga Pro.
The company reported earnings per share of 18 cents in the first quarter, which beat a Street consensus estimate of 5 cents per share.
Transaction-based revenue was $329 million in the first quarter, up 59% year-over-year. Of the total, cryptocurrency revenue was $126 million, up 232% year-over-year. Options revenue of $154 million was up 16% year-over-year and equities revenue of $39 million was up 44% year-over-year.
Robinhood said it recorded net deposits of $11.2 billion in the first quarter and net positive transfers from "every incumbent brokerage firm."
Gold subscribers hit a new high of 1.7 million in the first quarter, up 42% year-over-year. ...