Popular online brokerage firm Robinhood saw a 232% surge in cryptocurrency revenue in the first quarter, driving profits above expectations, with the stock price rising by about 7.2% after hours.<img src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/f0ce2686-c959-4ec9-9dc5-06bdcfbb3e21.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/f0ce2686-c959-4ec9-9dc5-06bdcfbb3e21.png"/>On May 9th, Robinhood announced better-than-expected first-quarter performance. The financial report showed that in Q1, Robinhood's total revenue was $618 million, exceeding analysts' expectations of $5.468 billion; net profit was $157 million, achieving profitability for the second consecutive quarter, compared to a loss of $511 million in the same period last year; earnings per share (EPS) were $0.18, beating analysts' expectations of $0.06, compared to a loss of $0.57 per share in the same period last year.Furthermore, the company's core business - trading services - continued to perform strongly, with trading-based revenue in the first quarter reaching $329 million, also surpassing analysts' expectations of $2.553 billion. The company's assets under custody reached $129.6 billion, exceeding analysts' expectations of $120.43 billion. It is worth noting that cryptocurrency revenue in the first quarter increased by 232% year-on-year to $126 million, significantly exceeding analysts' expectations of $70.9 million.Additionally, the company had 13.7 million monthly active users in the first quarter, higher than analysts' expectations of 11.29 million.Looking ahead, despite strong performance, the company maintains its full-year operating expense forecast unchanged at $1.85 billion to $1.95 billion. Overnight, Robinhood's stock on the US market rose by 7.17% after hours.In response, users on X platform expressed their excitement:<blockquote>&#34;Exciting news alert! Robinhood holds as much as $26 billion in cryptocurrency in the first quarter of 2024, let's celebrate this significant milestone in the digital asset world!&#34;&#34;Robinhood has more potential than sofi.&#34;</blockquote><img src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/357fa154-1280-49a0-8392-46d5ceb410fa.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/357fa154-1280-49a0-8392-46d5ceb410fa.png"/><img src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/7b7b022a-8448-41c5-a01f-fa89335a7995.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/7b7b022a-8448-41c5-a01f-fa89335a7995.png"/>

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Robinhood's key financial indicators have performed well across the board, exceeding expectations, with net profit and EPS turning losses into gains. Cryptocurrency revenue surged by 232%. Overnight, Robinhood's stock rose by approximately 7.17% in after-hours trading

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Popular online brokerage Robinhood's cryptocurrency revenue surged by 232%, exceeding expectations, leading to a post-market surge of over 7% | Financial Report Insights