A bounceback in cryptocurrency buying and selling final quarter gave a carry to Robinhood, the brokerage that disrupted Wall Road with free inventory, crypto and choices buying and selling.
Web income rose to $682mn final quarter, 40 per cent higher than the year-ago interval. Nearly half the agency’s revenues got here from prospects transacting on the platform.
As cryptocurrency costs recovered this yr, buying and selling offered a lift to the brokerage, up 161 per cent from the prior yr to $81mn. Each gross sales and earnings exceeded Wall Road expectations.
Choices buying and selling additionally strengthened, up 43 per cent from the earlier yr to $182mn.
“Buyers are leaning in considerably throughout the board,” mentioned Jason Wernick, Robinhood’s chief monetary officer.
