Last updated: February 13, 2024 at 5:23 PM ET
First Published: February 13, 2024 at 4:40 PM ET
Robinhood Markets Inc.'s stock rose in after-hours trading on Tuesday after the online trading platform turned a quarterly profit and revenue beat Wall Street expectations on higher crypto deposits and a higher number of monthly users. rose more than 10%.
Robinhood Hood earned $30 million, or 3 cents per share, in the fourth quarter, but had a loss of $166 million, or 19 cents per share, in the fourth quarter of 2022.
Revenue…
Robinhood Markets Inc.'s stock rose in after-hours trading on Tuesday after the online trading platform turned a quarterly profit and revenue beat Wall Street expectations on higher crypto deposits and a higher number of monthly users. rose more than 10%.
robin hood
hood
had a profit of $30 million, or 3 cents per share, in the fourth quarter, but posted a loss of $166 million, or 19 cents per share, in the fourth quarter of 2022.
The company said its revenue increased 24% to $471 million, mainly due to an 8% increase in transaction-based revenue related to cryptocurrencies.
Analysts surveyed by FactSet expected Robinhood to report a GAAP loss of 1 penny per share on revenue of $455 million.
Mizuho analysts said Robinhood ended the quarter with 10.9 million monthly active users, an improvement from September's 10.3 million monthly active users. Cryptocurrency revenue was “solid”.
Robinhood's 2024 expense plan calls for “growth investments in new products, features, and international expansion, while streamlining existing operations.”
The company expected both GAAP and adjusted operating expenses to be in the range of $1.85 billion to $1.95 billion for the year.
“2023 was a strong year as our product development velocity continued to accelerate, our trading market share increased, and we began to expand globally,” Robinhood CEO Vlad Tenev said in a statement. ” he said. “And we're off to an even better start in 2024 because we've already had more funding customers and net deposits throughout the first half of 2024.” [the first quarter] than we did at all [the fourth quarter]”
According to Robinhood, subscribers to its premium subscription plan Gold in the quarter increased 25% year-on-year to 1.42 million, and average revenue per user (ARPU) increased 23% year-on-year to $81. Ta.
Robinhood stock ended regular trading 1.4% lower. The stock has risen 19% over the past 12 months, matching the rise of the S&P 500 index SPX over the same period.
