Robinhood (NASDAQ:) shares jumped more than 6% after market close Wednesday after the company’s first-quarter earnings and revenue beat analysts’ expectations.
The trading platform operator reported earnings per share (EPS) of $0.18 in the first quarter, beating the consensus estimate of $0.05. Revenue was $618, beating the consensus estimate of $543.14 million.
Average revenue per user (ARPU) increased 35% year-over-year to $104. Adjusted EBITDA (non-GAAP) rose 115% year over year to $247 million, according to Robinhood.
For full-year 2024, the company expects total GAAP operating expenses and adjusted non-GAAP operating expenses, including share-based compensation, to decrease from $1.85 billion to $1.95 billion.
“We continued to aggressively execute our product roadmap in the first quarter, resulting in record highs in net deposits and gold subscribers,” said Vlad Tenev, CEO and co-founder of Robinhood.
“The second quarter is off to a strong start, with April being our highest month for net deposits and gold subscriber growth, and we are pleased to see strong interest from over 1 million customers in our Robinhood Gold Card.”