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
(MORE TO FOLLOW) Dow Jones Newswires
April 30, 2025 16:46 ET (20:46 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
免責聲明：投資有風險，本文並非投資建議，以上內容不應被視為任何金融產品的購買或出售要約、建議或邀請，作者或其他用戶的任何相關討論、評論或帖子也不應被視為此類內容。本文僅供一般參考，不考慮您的個人投資目標、財務狀況或需求。TTM對信息的準確性和完整性不承擔任何責任或保證，投資者應自行研究並在投資前尋求專業建議。