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Why Robinhood Markets Stock Is Rallying Thursday
Robinhood Markets Inc (NASDAQ:HOOD) shares are rising Thursday after the company reported better-than-expected financial results for the first quarter.
Q1 Revenue: $618 million, versus estimates of $548.61 million
Q1 EPS: 18 cents, versus estimates of 5 cents
Total revenue was up 40% on a year-over-year basis. Transaction-based revenue was up 59% year-over-year to $329 million, primarily driven by cryptocurrency revenue of $126 million, which was up 232% year-over-year.
Funded customers increased by 810,000 to 23.9 million. Assets under custody climbed 65% year-over-year to $129.6 billion. Net deposits in the quarter ...