Robinhood reported fourth-quarter earnings on Tuesday.

The company’s transaction-based revenues were boosted by its cryptocurrencies revenue, which came in at $43 million. Overall, transaction-based revenues were up 8% year-over-year to $200 million.

Monthly active users were down 4% to 10.9 million. The company’s assets under custody also increased to $102.6 billion, a 65% increase year-over-year.

The report from Robinhood added that it “plans to explore opportunities to continue growing its customer base outside the US” following its expansion into the UK and EU with the brokerage waitlist launch and the European Union crypto launch.

Last year, the company announced that it planned to expand its crypto trading offering to the EU.

Vlad Tenev, Robinhood’s CEO, said during a previous earnings call that the EU has “a relatively clear regulatory framework” for crypto.

The company beat Wall Street’s expectations, posting earnings per share of $0.03, beating expectations for a loss per share of one cent.

Revenue came in at $471 million, beating expectations of $457 million.

“2023 was a strong year as our product velocity continued to accelerate, our trading market share increased and we started to expand globally,” Tenev said in a press release.

“And we’re off to an even better start in 2024, as we’ve already brought in more Funded Customers and Net Deposits through the first half of Q1 than we did in all of Q4 2023,” he added.

Robinhood said in November that its crypto trading revenue dropped 55% in the third quarter. The transaction-based revenues declined to $23 million, the company said at the time.

Tenev said last quarter that the company plans to continue to “innovate and improve the offering” in crypto. Earlier this month, Robinhood Connect and MetaMask announced a partnership.

Consensys, the parent company of MetaMask, said that users will be able to purchase crypto through Robinhood’s order engine.

Read the full article here

Share.

Leave A Reply

Your road to financial

freedom starts here

With our platform as your starting point, you can confidently navigate the path to financial independence and embrace a brighter future.

Registered address:

First Floor, SVG Teachers Credit Union Uptown Building, Kingstown, St. Vincent and the Grenadines

CFDs are complex instruments and have a high risk of loss due to leverage and are not recommended for the general public. Before trading, consider your level of experience, relevant knowledge, and investment objectives and seek financial advice. Vittaverse does not accept clients from OFAC sanctioned jurisdictions. Also, read our legal documents and make sure you fully understand the risks involved before making any trading decision