On May 4, Robinhood, which received a warning from the SEC that a lawsuit could be filed against the company for unregistered sales of securities, also known as Wells notice, has improved. The company’s quarterly earnings report figures came in well above expectations.
According to experts, Robinhood’s positive earnings figures were mainly driven by US users, and the approval of Bitcoin spot ETFs in the country had a positive impact on Robinhood.
In the first quarter of 2024, revenues increased by 40%, while cryptocurrency revenues more than tripled year-on-year to $126 million. Equity revenues also rose 44%.
After the figures released late yesterday, shares rose in pre-market trading today. HOOD shares were up more than 5%. Robinhood shares have also risen 40% since the beginning of the year.