Robinhood’s Spectacular Turnaround: Q1 Profits Soar to $157 Million
Author: Elena R
Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing – accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.
May 9, 2024 11:08
Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing – accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.
Robinhood Markets Inc. reports a staggering Q1 profit of $157 million, marking a remarkable turnaround from last year’s $511 million loss. The Q1 performance of the company exceeds the expectations of Wall Street, as the net revenues rose 40% to $618 million. A surge of 232% is seen in the crypto revenue, reaching $126 million, contributing to a significant increase. Additionally, crypto assets under custody experienced a hike, reaching $26 billion, up 78% from 2023. However, increased SEC security over crypto regulations poses a challenge amidst Robinhood’s success.