By Roshan Fernandez
Robinhood said its revenue soared year over year as net deposits rose to a new high, fueled in part by cryptocurrency transactions.
The online brokerage platform reported a first-quarter profit of $336 million, or 37 cents a share, compared with $157 million, or 18 cents a share, a year earlier. Analysts were expecting 33 cents a share.
Revenue rose to $927 million from $618 million a year earlier. Analysts surveyed by FactSet had forecast sales of $920 million.
The gain was driven by an increase in cryptocurrency, options, and equities revenue, up 100%, 56% and 44% year-over-year, respectively. Net deposits grew to a record $18 billion. Robinhood Gold Subscribers grew 90% year over year to 3.2 million.
The Menlo Park, Calif.-based company said its expansion in prediction markets, which allowed customers to trade on some of the world's biggest events, led to more than 1 billion event trades.
The company said it's updating its full-year outlook as a result of the acquisition of TradePMR, a company that offers custodial services for investment advisors, in the first quarter. Robinhood now expects between $2.09 billion and $2.19 billion in adjusted operating expenses and stock-based compensation.
Robinhood's shares are up 32% this year.
Write to Roshan Fernandez at roshan.fernandez@wsj.com
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April 30, 2025 16:46 ET (20:46 GMT)
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