Robinhood Quarter 1 revenue expected to hit a three-year high
2024-05-07 16:48:29
Trading app Robinhood is on track to record its highest quarterly revenue in nearly three years, benefiting from a steady rebound in stock markets and cryptocurrency trading. Expectations of a global interest rate cut pushed US stocks and bitcoin to record highs earlier this year, luring traders back into the market and helping the retail-oriented brokerage generate more trading revenue. Robinhood, which was on the cusp of a "monster stock" frenzy in 2021, is now recovering from a slump following the trading boom caused by the pandemic. Analysts at JPMorgan said trading volumes in Quarter 1, Robinhood's core business, rebounded sharply, with total volumes up nearly 20% year-on-year. Robinhood shares surged 58% in the first three months of the year, their biggest quarterly gain since going public, driven by strong retail trading activity.
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