Avishek Das | SOPA Photographs | Lightrocket | Getty Photographs
Buying and selling platform Robinhood reported a surge in fourth-quarter revenue on Wednesday, fueled by frenetic exercise in fairness and crypto markets following Donald Trump’s presidential election victory.
Shares of the corporate surged greater than 11% in prolonged buying and selling.
Robinhood’s transaction-based income, or revenue generated from charges for facilitating buying and selling in choices, cryptocurrency and equities, jumped 236% within the quarter to $672 million from a yr earlier.
Almost half of these features got here from a 700% rise in income associated to crypto buying and selling as bitcoin continued its speedy march in the direction of the $100,000 mark within the quarter on hopes of favorable insurance policies below the brand new Trump administration.
“We hit the gasoline on product growth in 2024 with a brand new platform for energetic merchants, Gold Card launch, an expanded UK and EU product suite, and way more,” Robinhood co-founder and CEO Vlad Tenev stated.
The Menlo Park, California-based firm reported a revenue of $916 million, or $1.01 per share, within the three months ended Dec. 31. That compares with $30 million, or 3 cents per share, a yr earlier.
It booked a deferred tax advantage of $369 million, or 41 cents per share, primarily from the discharge of its valuation allowance on most of its internet deferred tax property, the corporate stated.
