Record-Breaking Earnings Propel Robinhood Shares

Robinhood Markets Inc. experienced a significant surge in its stock price, climbing over 17% on Thursday. This leap came on the heels of the company's announcement of its record earnings for the fourth quarter of fiscal 2024, showcasing a remarkable 115% year-over-year revenue increase to $1.01 billion and a net income of $916 million, or $1.01 per diluted share.

Crypto Transactions Fuel Growth

The standout factor behind this impressive financial performance was a staggering 700% increase in cryptocurrency transaction revenue, which amounted to $358 million. This growth highlights the increasing influence of digital currencies on the company's revenue streams and the broader financial market.

By 9:38 am ET, Robinhood's shares had soared by 17.03%, reaching a selling price of 65.17%.