Shares of Robinhood surged in after-hours trading on Wednesday following the release of the retail brokerage’s impressive first-quarter results. Robinhood reported a net income of $157 million, or 18 cents per share, marking a significant improvement from the same period last year when the company reported a net loss of $511 million, or 57 cents per share.
In comparison to Wall Street estimates, Robinhood’s earnings per share of 18 cents exceeded expectations of 6 cents, while its revenue of $618 million also outperformed the anticipated $549 million. The company highlighted that both the earnings per share and revenue figures were record highs for the firm, leading to a more than 5% increase in its stock price in after-hours trading.
Source (CNBC)
