Robinhood Reports Record Q1 Earnings After Cryptocurrency Surge

Robinhood stock initially surged after the retail brokerage firm reported earnings, but has since pulled back. Here's what you need to know.

Green Robinhood logo on smartphone with stock charts blurred in the background
(Image credit: Omar Marques/SOPA Images/LightRocket via Getty Images)

Robinhood Markets (HOOD) stock jumped more than 8% out of the gate Thursday after the online brokerage platform reported record first-quarter results that crushed expectations on both the top- and bottom-lines. Shares have since pulled back, however, with HOOD in negative territory at midday.

In the three months ended March 31, Robinhood said its revenue surged 40% year-over-year to $618 million, driven by a 59% rise in transaction-based revenues to $329 million. This included a 232% increase in cryptocurrency revenue which coincided with a roughly 60% rise in bitcoin's price in the first quarter. 

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Joey Solitro

Joey Solitro is a freelance financial journalist at Kiplinger with more than a decade of experience. A longtime equity analyst, Joey has covered a range of industries for media outlets including The Motley Fool, Seeking Alpha, Market Realist, and TipRanks. Joey holds a bachelor's degree in business administration.