US neobroker Robinhood Markets, Inc. (NASDAQ:HOOD) is seeing its shares rise by 7% in aftermarket trading on Wednesday, after the company reported fairly upbeat results for the first quarter of 2024.
Robinhood reported record quarterly revenues of $618 million in Q1-2024, up 40% year-over-year. The company also saw record GAAP Diluted EPS of $0.18 per share. The company’s Q1 results included record Net Deposits of $11.2 billion, including net positive transfers from every major incumbent brokerage firm. The company’s Gold Subscribers reached a new high of 1.7 million, up 42% year-over-year.
After posting only its second profitable quarter ever in Q4-2023 with $30 million of Net Profit, Robinhood’s Q1 2024 generated a Net Profit of $157 million, also a record for the company.
However the results follow news that Robinhood faces some regulatory headwinds in its crypto business, with cryptocurrency/robinhood-gets-wells-notice-for-its-crypto-business-expecting-enforcement-action/”…
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