Robinhood, the online brokerage firm, has released its first-quarter financial report, with revenue exceeding expectations at $618 million. Revenue from trading, which is the basis of their business, increased by 59% year-on-year, reaching $329 million, primarily driven by income from cryptocurrency. Net profit significantly increased to $157 million (compared to $30 million in the previous quarter). Following the release of the report, Robinhood’s stock price rose by 3.42% in after-hours trading, reaching $18.46 per share. The stock has already risen by 40% this year.
Robinhood's Q1 Revenue Soars, Cryptocurrency Income More Than Doubles