A bounceback in cryptocurrency buying and selling final quarter gave a carry to Robinhood, the brokerage that disrupted Wall Avenue with free inventory, crypto and choices buying and selling.
Web income rose to $682mn final quarter, 40 per cent higher than the year-ago interval. Nearly half the agency’s revenues got here from prospects transacting on the platform.
As cryptocurrency costs recovered this 12 months, buying and selling supplied a lift to the brokerage, up 161 per cent from the prior 12 months to $81mn. Each gross sales and earnings exceeded Wall Avenue expectations.
Choices buying and selling additionally strengthened, up 43 per cent from the earlier 12 months to $182mn.
“Buyers are leaning in considerably throughout the board,” mentioned Jason Wernick, Robinhood’s chief monetary officer.
