Robinhood Markets (HOOD) saw its stock surge 14.83% in after-hours trading on Wednesday, following the release of the company's stellar fourth quarter 2024 earnings results.

The popular retail trading platform reported record revenue of $1.01 billion for Q4 2024, beating analysts' expectations of $944.62 million. Net income soared to $916 million, or diluted earnings per share (EPS) of $1.01, significantly exceeding the consensus estimate of $0.42 EPS.

A major driver behind Robinhood's blockbuster quarter was the booming cryptocurrency trading activity on its platform. Crypto revenue skyrocketed by over 700% year-over-year to $358 million, fueled by a surge in crypto notional trading volumes to $71 billion. The company's options and equities trading revenues also saw substantial gains, reflecting the increased engagement and trading enthusiasm among retail investors.

Additionally, Robinhood reported robust growth in key metrics like Assets Under Custody (AUC), which jumped 88% to $193 billion, and a record 2.6 million Gold subscribers, up 86% year-over-year. This growth highlights the company's successful efforts to attract and retain customers through new product offerings and enhanced trading capabilities.

Looking ahead, Robinhood plans to continue investing in growth initiatives, including expanding its international presence in Asia-Pacific and introducing new features for active traders. The company's CFO, Jason Warnick, expressed confidence in delivering another year of profitable growth in 2025, capitalizing on the strong momentum built in 2024.