- The company delivered a successful earnings report
- After its release, its stock rose
Trading app Robinhood reported first-quarter financial results. They were better than expected, even though trading volumes remain lower than a year ago.
So, Robinhood recorded a net loss of $511 million, or $0.57 per share. In the same quarter last year, they posted a loss of $392 million, or $0.45 per share.
Robinhood (HOOD) revenue rose to $441 million. That’s up a lot from the same quarter in 2022 ($299 million).
An analysts had previously expected Robinhood to report $425 million in revenue and a loss of $0.62 per share.
The company’s options transactions revenue rose 7% to $133 million. And revenue from equity transactions jumped 29% to $27 million.. Revenue from cryptocurrencies fell 1% to $38 million.
Robinhood’s net interest income was $208 million. They were able to do this because of “growth in interest-earning assets, an increase in securities lending operations and higher short-term interest rates.”
The monthly number of active app users was up 400,000 from the previous quarter.. It now has 11.8 million customers. But that number is down from 15.9 million last March.
After a fairly successful report, Robinhood stock was up 4.4% on the premarket.
At last week’s report, Block reported. They are making BTC profits again after a long period of losses.