Robinhood Markets (HOOD) stock jumped more than 8% out of the gate Thursday after the online brokerage platform reported record first-quarter results that crushed expectations on both the top- and bottom-lines. Shares have since pulled back, however, with HOOD in negative territory at midday.
In the three months ended March 31, Robinhood said its revenue surged 40% year-over-year to $618 million, driven by a 59% rise in transaction-based revenues to $329 million. This included a 232% increase in cryptocurrency revenue which coincided with a roughly 60% rise in bitcoin's price in the first quarter.
