A bounceback in cryptocurrency trading last quarter gave a lift to Robinhood, the brokerage that disrupted Wall Street with free stock, crypto and options trading.
Net revenue rose to $682mn last quarter, 40 per cent better than the year-ago period. Almost half the firm’s revenues came from customers transacting on the platform.
As cryptocurrency prices recovered this year, trading provided a boost to the brokerage, up 161 per cent from the prior year to $81mn. Both sales and profits exceeded Wall Street expectations.
Options trading also strengthened, up 43 per cent from the previous year to $182mn.
“Investors are leaning in significantly across the board,” said Jason Wernick, Robinhood’s chief financial officer.
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