Investment company Robinhood submitted a report revenue for the fourth quarter and full year 2023. The company's net profit in the period from October to December inclusive amounted to $471 million and turned out to be higher than expert forecasts. It grew by 24% compared to the fourth quarter of 2022, platform representatives said.
Robinhood's cryptocurrency-based revenue was $43 million. Overall, transfer revenue was up 8% from 2022 to $200 million.
The firm's depository assets increased to $102.6 billion, up 65% from 2022, according to the latest data. The company also reported a reduction in the number of users by 4% to 10.9 million.
The report states that Robinhood added 11 spot Bitcoin ETFs immediately after regulatory approval. In addition, the company began expansion in the UK and EU countries to expand its customer base outside the US.
Amid positive data, Robinhood shares rose 13% on the stock market, according to Yahoo Finance. At the time of publication they are trading at $11.85:
Robinhood Markets shares rose 13% after the release of earnings. Source: Yahoo Finance.
Source: Cryptocurrency
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