![]() ![]() Federal Reserve's rapid rate hikes boosted the online brokerage's interest income. This service will allow its flagship exchange-traded funds (ETFs), including Apple, Tesla, and Amazon-like companies, to be available for 24-hour trading five days a week.May 10 (Reuters) - Robinhood Markets Inc (HOOD.O) on Wednesday surpassed Wall Street estimates for first-quarter revenue, as the U.S. Robinhood also made an announcement of rolling out an around-the-clock trading platform. Though MAU is up by 400K from previous quarters, it dropped from about 15.9 million USD to 11.8 million USD from the previous year’s first quarter.ĬEO and co-Founder of Robinhood Markets, Vlad Tenev said it was a “great start to the year in Q1.” He cited this as a demonstration of their “relentless pursuit of innovation.” “We’re continuing to ship aggressively, increase customer satisfaction, and deliver strong financial performance on the path to GAAP profitability, he added.” The user base also tells a similar story where the number of monthly active users (MAU) is sequentially up, but it witnessed a drop in the yearly time frame. It’s up by 50% sequentially, however, down by 40% year over year. Did Well Quarterly, Lagged in YearlyĪlso, the company reported an increase in crypto assets under its custody which rose to 12 billion USD from the previous quarter. The overall losses for the company climbed to 511 million USD, which is a 30% increase from last year. Robinhood saw its pile of losses go beyond half a million USD this quarter. The global cryptocurrency market took a steep fall in a year from about 2.1 trillion USD in March 2022 to 1.2 trillion USD till March 2023. Declining crypto trading revenue could directly impact last year’s chaos in the cryptocurrency market, leading to their prices dropping significantly. The revenue stood at 54 million USD in Q1 2022 and dropped to 38 million USD in Q1 2023, a drop of approx 30% YoY. The crypto trading business revenue of Robinhood reportedly took a hit last year. In terms of total revenue, the American financial company managed to keep revenues high in transactions, options and equities to 207 million USD with 11%, 133 million USD with 7%, and 27 million with 29%, up from the previous quarter, respectively. It’s 47% up from the revenue of 299 million USD in Q1, 2022 and also 16% up sequentially. The company did well in revenue generation, accumulating about 441 million USD, better than the estimates of 430 million USD. Robinhood announced financial results for the first quarter of 2023 on Wednesday, May 10, 2023. Robinhood Impresses in Revenue, Though Losses Hike HOOD stock price witnessed an obvious rally following the earnings report and trading in green while writing. The financial services company did well in the past year given the optimistic results, including better revenue, beating the Wall Street estimates. (NASDAQ: HOOD) released its earning calls for Q1, 2023. Popular commission-free trading platform Robinhood Markets Inc. 2 HOOD stock is currently trading at 9.65 USD after rising over 6% in the intraday session.1 Robinhood managed to navigate through last year’s harsh crypto market conditions.
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