Robinhood Q1 Cryptocurrency Trading Volume Increased 224% YoY to $36 Billion

Robinhood's net revenue in the first quarter was $618 million, while analysts expected $546.8 million; transaction-based revenue in the first quarter increased 59% year-on-year to $329 million, while analysts expected $255.3 million; revenue from cryptocurrency trading in the first quarter increased 232% to $126 million, while analysts expected $70.9 million; option revenue increased 16% to $154 million. The number of monthly active users in the first quarter was 13.7 million, while analysts expected 11.29 million; the overall operating expense forecast for the full year remained unchanged at $1.85 billion to $1.95 billion. Driven by rising stock and cryptocurrency prices, Robinhood's custody assets (AUC) increased 65% to $129.6 billion. Robinhood's Q1 cryptocurrency notional trading volume increased 224% year-on-year to $36 billion, a much higher increase than the notional trading volume of stocks (40%), even though the latter had a larger trading volume of $225 billion. In addition, Robinhood's Q1 net income increased to $157 million, compared with a net loss of $511 million in the same period last year. Robinhood shares rose 6% to $18.82 after hours. The stock has risen 44% so far this year. (The Block)