Robinhood reports first-quarter revenue hits record high! Cryptocurrency trading volume surges

Robinhood, an online brokerage company, announced its first-quarter financial results. Revenue exceeded expectations and reached US$618 million. Among them, transaction-based revenue increased by 59% year-on-year to US$329 million. Mainly Contributed by cryptocurrency revenue. Net profit increased significantly to US$157 million (from US$30 million in the previous quarter), and Robinhood's stock price rose 3.42% to US$18.46 per share after hours. The stock is up 40% year to date.

Cryptocurrency trading volume surges

Robinhood’s trading-based revenue increased 59% year-on-year to $329 million, mainly generated from cryptocurrency revenue of $126 million (up 232% from the same period last year) %), options revenue of $154 million (up 16% from the same period last year) and stock income of $39 million (up 44% from the same period last year).

Cryptocurrency transaction volume increased by 224% compared with the same period last year, reaching US$36 billion.

Overnight trading is booming, imitating the 24-hour trading in the currency circle

Robinhood launched 24-hour trading five days a week this year, allowing users to trade outside of normal trading Time to buy and sell some popular stocks and ETFs, with its 24-hour market featuring over 900 stocks and ETFs. The financial report also shows that since the launch of the 24-hour market, as of March, the nominal trading volume of customers during the overnight trading period has exceeded 10 billion US dollars, showing that the demand for overnight trading is strong.

Robinhood’s various products are accelerating in and out

Although Robinhood recently received the SEC’s Wells Notice, the pace of expansion has never stopped, including:

• Bitcoin spot ETF will be launched immediately in January

• Cooperation with Metamask

• Launch of 24-hour overnight trading market

• UK market is fully online

• Robinhood crypto wallet features continue to increase

• Exclusive to Robinhood Gold members 3 % cash back credit card

Robinhood CEO and co-founder Vlad Tenev said: “We continued to aggressively execute on our product roadmap in the first quarter. . Gold subscriber numbers and net deposits hit all-time highs, and with the same strong performance in April, we're pleased to see over 1 million customers showing strong interest in our Robinhood Gold Card.

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