NEWS
Robinhood Markets Inc. disclosed on Wednesday that its first-quarter revenue for fiscal 2024 reached $618 million, surpassing market estimates. This represents a 40% increase compared to the same period in the previous year.
The company rebounded from a net loss of $511 million last year to achieve $157 million in net profit in the first quarter of fiscal 2024. This translated to diluted earnings per share of $0.18, marking a significant improvement from the previous year’s loss per share of $0.57. Transaction-based revenues experienced a notable surge of 59% to $329 million, primarily fueled by a remarkable 232% growth in cryptocurrency revenue to $126 million in the first quarter.
“Q2 is off to a strong start with April being our highest month of the year for Net Deposits and Gold Subscriber growth, and we’re excited to see strong interest from over 1 million customers in our Robinhood Gold Card,” stated Chief Executive Vlad Tenev.
Following the publication of the report, Robinhood’s shares surged by 5.22% in after-hours trading.
