Why Robinhood Stock Jumped 13% Today
Shares of online brokerage Robinhood Markets (NASDAQ: HOOD) jumped as much as 17.4% in trading on Wednesday after the company reported fourth-quarter 2023 financial results. Shares closed the day up 13%.
Revenue jumped 24% to $471 million in the quarter due to a 41% jump in interest revenue to $236 million and an 8% jump in transaction revenue to $200 million. Net income was $30 million, or $0.03 per share, from a loss of $166 million, or $0.19 per share a year ago.
Analysts were only expecting revenue of $457 million and a loss of $0.01 per share, so results easily topped estimates.
Source Fool.com
