Robinhood Markets, the popular commission-free trading platform, saw its stock soar over 16% in pre-market trading on Thursday after reporting record fourth-quarter results driven by a surge in crypto trading activity.

The key highlights from Robinhood's Q4 2024 earnings report were:

1. Record Revenue and Earnings: Robinhood posted a record quarterly revenue of $1.01 billion, up a staggering 115% year-over-year, beating analysts' expectations. Net income skyrocketed to $916 million, or $1.01 per diluted share, significantly surpassing the consensus estimate of $0.42 per share.

2. Crypto Trading Boom: A major driver behind Robinhood's blockbuster quarter was the booming cryptocurrency trading activity on its platform. Crypto revenue soared over 700% year-over-year to $358 million, fueled by a surge in crypto notional trading volumes to $71 billion.

3. Robust Growth in Key Metrics: Robinhood reported robust growth in key metrics, including an 88% year-over-year increase in Assets Under Custody (AUC) to $193 billion and a record $16 billion in Net Deposits for the quarter. Moreover, the number of Robinhood Gold subscribers grew by an impressive 86% year-over-year to 2.6 million members.

4. Positive Outlook: Looking ahead, Robinhood plans to continue investing in growth initiatives, such as expanding its international presence and introducing new features for active traders. The company's CFO expressed confidence in delivering another year of profitable growth in 2025, capitalizing on the strong momentum built in 2024.