What's Going On With Robinhood Shares Thursday?

Robinhood Markets, Inc. HOOD shares were trading higher Thursday but have reversed and are now trading lower. The company reported first-quarter earnings Wednesday after the market closed.

What To Know: Robinhood reported earnings per share of 37 cents, beating the consensus estimate of 32 cents. In addition, the company reported sales of $927 million, beating the consensus estimate of $922.53 million and representing a 50% year-over-year growth.

Robinhood broke down its revenue, reporting a 77% year-over-year increase in transaction-based revenue to $583 million, driven primarily by cryptocurrency, options and equities trading.

Total platform assets grew 70% year-over-year to $221 billion due to continued growth in Net Deposits and the acquisition of TradePMR.

Average revenue per user increased 39% year-over-year to $145.

“This quarter, we significantly accelerated product innovation across our key initiatives, highlighted by the announcement of Robinhood Strategies, Banking, and Cortex,” said Vlad Tenev, Chair and CEO of Robinhood. 

“Customers have clearly responded — demonstrated by record-breaking net deposits, Robinhood Gold subscriptions, and options volume, as well as robust year-over-year growth in trading across all asset classes.”

Related Link: Carrier Global Reports Q1 Earnings, Raises FY25 Outlook, Shares Move Higher

HOOD Price Action: At the time of writing, Robinhood stock is trading 2.63% lower at $47.92, according to data from Benzinga Pro.

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