Robinhood Markets, Inc.

Shares in Robinhood Markets (HOOD) rose sharply in pre-market trading Wednesday morning after the commission-free brokerage firm reported a surprise profit in the December quarter amid higher-than-expected 澳洲幸运5官方开奖结果体彩网:interest income on customer loans and a rebound in retail trading activity.

The online brokerage at the center of the pandemic-era 澳洲幸运5官方开奖结果体彩网:meme stock trading frenzy posted fourth-quarter 澳洲幸运5官方开奖结果体彩网:adjusted earnings of 3 cents a share, whereas analysts had expected the company to report a 1 cent loss. Revenue of $471 million grew 24% year-over-year and also came in ahead of forecasts, which Wall Street had modeled at $455 million.

The company’s net interest revenue in the period grew 41% from a year earlier, driven by higher short-term borrowing rates, while its transaction-based revenue of $200 million improved 8% from the prior year, benefiting from increased trading activity across its 澳洲幸运5官方开奖结果体彩网:cryptocurrency and equity offerings. The 澳洲幸运5官方开奖结果体彩网:online broker pointed to a 6% fourth-quarter sequential jump in its monthly active user count as a sign that retail traders were wading back into the markets.

While the company did not provide specific 澳洲幸运5官方开奖结果体彩网:top- and bottom-line guidance, Robinhood Chief Financial Officer Jason Warnick said he anticipates a strong 2024 based on favorable revenue and macro trends. "Looking at revenues, with the current macro backdrop, we're finding for strong growth in 2024, driven by continued 20-plus percent net deposit growth, increasing gold adoption, double-digit gains and trading 澳洲幸运5官方开奖结果体彩网:market share." Warnick said in a post-earnings call late Tuesday.

The company, which rolled out its trading platform in the U.K. last November, also said it remains focused on expanding its crypto trading offerings in Europe, noting they are typically more profitable than stock trades.

HOOD has oscillated roughly within a five-point 澳洲幸运5官方开奖结果体彩网:trading range since October 2022, establishing clear 澳洲幸运5官方开奖结果体彩网:support and resistance levels on the chart. If the stock has a post-earnings rally, monitor how the price responds to the range’s top 澳洲幸运5官方开奖结果体彩网:trendline around $13. A rejection of this important 澳洲幸运5官方开奖结果体彩网:technical level could𝔉 give way to a retest o𒊎f the pattern’s opposing side, while breakout on heavy volume could mark the beginnings of a new uptrend.

Robi꧙nhood shares were up 16.1% at $13.74 arou🐽nd 7:45 a.m. ET.

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