Robinhood Markets Inc (NASDAQ:HOOD) shares are trading higher Wednesday after the company reported strong quarterly results that included a surprise profit.
What Happened: Robinhood’s fourth-quarter revenue increased 24% year-over-year to $471 million, which beat the consensus estimate of $456.81 million, according to Benzinga Pro. The company said its top-line results were driven by higher net interest, transaction-based and other revenues.
Robinhood reported earnings of 3 cents per share, which beat estimates for a loss of 1 cent per share.
Transaction-based revenues were up 8% in the quarter to $200 million. cryptocurrency revenue increased 10% year-over-year to $43 million. Equities revenue increased ...