Robinhood reported an almost 500% jump in revenue from cryptocurrency transactions on Wednesday as the online brokerage and trading app announced a record-breaking quarter for profit and revenue. Crypto revenue rose to $358 million in Q4, and overall revenue skyrocketed 37% to $1.01 billion from the previous quarter. With an earnings per share of $1.01, the trading app posted a net income of $916 million and beat analysts’ predictions of 42 cents, according to data from the Wall Street Journal.
Year-over-year, Robinhood’s revenue more than doubled. The online brokerage notched quarterly records in revenue, net income, and revenue from crypto transactions.
In after-hours trading, shares jumped almost 7% to nearly $60. Its stock is up more than 360% since the beginning of 2024.
“We hit the gas on product development in 2024,” Vlad Tenev, the CEO of Robinhood, said in a statement.
Robinhood’s fourth-quarter record-breaking returns follows a surge in crypto trading on its platform as mom-and-pop investors flocked to the platform in 2024 amid a crypto bull market.
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