In its latest ride on the crypto roller-coaster, Robinhood reaped a surge of revenue last quarter following exuberance at the election of President Trump, which sent Bitcoin surging to a record high of $109,000 in early January. Since then, though, it has tumbled as low as $84,000 amid broader market fallout from Trump’s trade war.
While crypto revenue fell since last quarter, Robinhood’s earnings report beat analyst’s predictions who expected lower trading volume to have a larger impact on the company’s revenue. Robinhood reported an earnings per share of 37 cents, surging past analyst’s expectations of 33 cents, according to data from the Wall Street Journal. The company’s revenue has also increased 50% since the same period last year.
In after hours trading, Robinhood’s stock price has risen nearly 2% on the earnings news.
