By Hannah Erin Lang
Robinhood posted a sharp jump in quarterly profit, fueled by a flurry of post-election trading activity.
-- The online brokerage reported late Wednesday that net income totaled $916 million, or $1.01 a share, last quarter, up from $30 million, a year earlier.
-- Analysts were expecting a per-share profit of 42 cents, according to FactSet.
-- Revenue more than doubled, to $1.01 billion. That total also exceeded analysts' estimates.
-- Revenue on customer trades tripled to $672 million, more than half of which came from cryptocurrency trades.
The stock jumped 15% in premarket trading.
Robinhood was a big winner of the "Trump bump:" the end-of-year market rally marked by investors' hopes that Donald Trump's election victory would usher in a more business-friendly administration.
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(END) Dow Jones Newswires
February 13, 2025 04:36 ET (09:36 GMT)
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