Robinhood (HOOD) beats Wall Street expectations with fourth-quarter earnings, with revenue of $471 million compared to expected $457 million, and adjusted earnings per share expected It skyrocketed to $0.03 for a loss of $0.01. While the trading platform's monthly active users fell 4% in the quarter, other metrics such as cryptocurrency trading rose 10% year over year, generating $43 million in revenue for the company.
John Tadaro, senior research analyst at Needham & Company, joins Yahoo Finance to discuss the influx of crypto trading that has boosted Robinhood's performance and revenue.
Mr. Tadaro has the following outlook on the company's virtual currency trading.
“In 2024, most of the growth we are seeing will come from cryptocurrencies. “If it were, the trading activity wouldn't have been viable.” So we're seeing a kind of snapback that's really driving growth. For stock options, the growth has been a little more modest, and it's a more mature business for Robinhood, so cryptocurrencies are We think it's kind of a growth factor for Robinhood.”
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Editor's note: This article was written by Nicholas Jacobino
