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Shares of Robinhood rose in prolonged investing Thursday afternoon just after the retail brokerage introduced more robust-than-envisioned initially-quarter success.
Robinhood reported 18 cents in earnings per share on $618 million of profits. Analysts surveyed by LSEG were expecting the organization to receive just 6 cents per share on $549 million in income.
The enterprise claimed the earnings and revenue quantities have been the two information for the company. The inventory jumped extra than 4% in soon after several hours trading.
Robinhood surged in acceptance in the course of the Covid pandemic in 2020 and 2021, but has considering the fact that witnessed user action and revenue that mirrors motion in the broader current market. Stocks and cryptocurrencies rose through the to start with quarter, which probably assisted the firm’s benefits.
Shares of Robinhood were up just about 40% 12 months to date right before Wednesday’s earnings announcement.
