1 week ago
Robinhood reported $36 cardinal successful crypto notional trading measurement during the archetypal 4th of 2024, a 224% summation twelvemonth implicit year.
The steadfast besides reported grounds nett revenues of $618 million, up 40% twelvemonth implicit year.
The full revenues included $329 cardinal derived from transaction revenues, which included gross generated from its crypto concern — making up $126 cardinal of the total, a 232% summation twelvemonth implicit year.
$157 cardinal successful nett income
Robinhood reported a first-quarter nett income of $157 cardinal versus a nett nonaccomplishment of $511 cardinal during the aforesaid play a twelvemonth ago. Its diluted net per stock (EPS) stood astatine $0.18 for the quarter.
The institution reported $26.2 cardinal successful assets related to idiosyncratic cryptocurrencies safeguarding work and the aforesaid magnitude nether the liabilities and stockholder equity category.
The latest results surpass outer expectations. CNBC said analysts surveyed by the London Stock Exchange Group expected Robinhood to study $549 cardinal successful first-quarter gross and diluted EPS of $0.06.
The terms of Robinhood banal (HOOD) was down 0.78% connected May 8 but up 3.64% aft hours.
Wells notice
Robinhood executives commented connected the caller Wells Notice issued against the firm’s crypto portion by the US SEC during the net call. The announcement indicates that unit astatine the SEC mean to urge enforcement enactment against Robinhood Crypto.
In effect to capitalist questions, executives affirmed that Robinhood takes a “conservative approach” to listings and products with regulatory considerations. They besides stated that they “firmly believe” consumers should person entree to crypto arsenic an plus class.
Robinhood has antecedently stated that it made efforts to comply with regulations and registry with the SEC. The steadfast besides stated that it does judge the assets it lists are securities and assured users that the announcement volition not impact services.
The station Robinhood crypto trading measurement up 224% YoY to $36 cardinal successful Q1 appeared archetypal connected CryptoSlate.
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