Financial services company Robinhood Markets (NASDAQ:HOOD) reported fourth-quarter financial results after the market close Tuesday.
Here are the key highlights.
What Happened: Robinhood reported fourth-quarter revenue of $471 million, which was up 24% year-over-year. The revenue beat a Street consensus estimate of $456.8 million, according to data from Benzinga Pro.
Robinhood reported earnings per share of 3 cents, which beat a Street consensus estimate of a loss of 1 cent per share.
The company said the revenue increase came from increased transaction-based revenues and higher net interest. Net interest revenue was up 41% year-over-year to $236 million. Transaction revenue was up 8% year-over-year to $200 million.
Robinhood said cryptocurrency revenue was $43 million, up 10% year-over-year in the fourth quarter. Crypto revenue was higher than equities revenue of $25 million, up 19% year-over-year. Options revenue of $121 million was down 2% year-over-year.
The company ended the fourth quarter with 23.4 million funded customers, a ...