Shares of Robinhood Markets Inc. skyrocketed more than 17% on Thursday after the company logged a record earnings report for the fourth quarter of fiscal 2024.
The company reported a 115% year-over-year increase in revenue, totaling $1.01 billion, and a net income of $916 million, or $1.01 per diluted share. The significant growth was primarily driven by a 700% increase in cryptocurrency transaction revenue, which reached $358 million.
At 9:38 am ET, Robinhood's shares soared by 17.03% to sell at 65.17%.
