Robinhood reported $36 billion in crypto notional buying and selling quantity through the first quarter of 2024, a 224% enhance 12 months over 12 months.
The agency additionally reported document internet revenues of $618 million, up 40% 12 months over 12 months.
The whole revenues included $329 million derived from transaction revenues, which included income generated from its crypto enterprise — making up $126 million of the entire, a 232% enhance 12 months over 12 months.
$157 million in internet earnings
Robinhood reported a first-quarter internet earnings of $157 million versus a internet lack of $511 million throughout the identical interval a 12 months in the past. Its diluted earnings per share (EPS) stood at $0.18 for the quarter.
The corporate reported $26.2 billion in belongings associated to person cryptocurrencies safeguarding obligation and the identical quantity beneath the liabilities and stockholder fairness class.
The most recent outcomes surpass exterior expectations. CNBC stated analysts surveyed by the London Inventory Alternate Group anticipated Robinhood to report $549 million in first-quarter income and diluted EPS of $0.06.
The worth of Robinhood inventory (HOOD) was down 0.78% on Could 8 however up 3.64% after hours.
Wells discover
Robinhood executives commented on the current Wells Discover issued in opposition to the agency’s crypto unit by the US SEC through the earnings name. The discover signifies that workers on the SEC intend to advocate enforcement motion in opposition to Robinhood Crypto.
In response to investor questions, executives affirmed that Robinhood takes a “conservative strategy” to listings and merchandise with regulatory issues. Additionally they acknowledged that they “firmly consider” customers ought to have entry to crypto as an asset class.
Robinhood has beforehand acknowledged that it made efforts to adjust to rules and register with the SEC. The agency additionally acknowledged that it does consider the belongings it lists are securities and warranted customers that the discover won’t have an effect on companies.
