Robinhood wavered late Wednesday following the mobile broker's Q1 earnings report.
Robinhood delivered earnings of 37 cents per share, increased from 18 cents last year. Revenue jumped 50% to $927 million.
FactSet analysts expected earnings of 33 cents per share on $920 million in revenue.
Transaction-based revenues increased 77% to $583 million. Analyst forecasts called for $558 million.
Cryptocurrency revenue was up 100% from last year at $252 million, outpacing FactSet views for $247 million. Still, crypto revenue was down from $358 million in Q4.
Options revenue increased 56% to $240 million, just ahead of forecasts for $239 million. Equities revenue rose 44% to $56 million, but missed estimates for $60 million.
Robinhood's monthly active users rose to 14.4 million from 13.7 million last year. However, that was down from 14.9 million in Q4 and missed FactSet views for 15.1 million monthly users.
Monthly Metrics
Robinhood's monthly metrics report shows that notional crypto volumes — the total value of crypto trading — has steadily fallen to $14.4 billion in February from $35.2 billion in November.
That generally track's with the market cap for crypto, which peaked at $3.7 trillion in December but fell to $2.79 trillion by the end of February.
The price of bitcoin fell around $84,000 in February from its record high above $109,000 in January. Bitcoin has recovered around $94,000 as of late April. Ethereum and Dogecoin, which are other popular cryptocurrencies on Robinhood's platform, are down 55% and 63%, from their December peaks, respectively.
The number of options contracts traded has held steady above 160 million for the first three months of the year.
Equity notional volumes declined to $143 billion in February from Robinhood's December peak of $150 billion.
Robinhood Stock Rises
HOOD shares rose slightly in after-hours trade Wednesday after initially retreating. Shares ticked lower ahead of the report.
Robinhood stock is up more than 31% this year and off its April 7 low of 29.66. Still, HOOD is trading well below its Feb. 13 peak of 66.91.
You can follow Harrison Miller for more stock news and updates on X/Twitter @IBD_Harrison
