Robinhood reported $54 million in cryptocurrency revenue in the first quarter, up from $48 million in the fourth quarter.
The company reported $51 million in cryptocurrency revenue in the third quarter of last year, down from a record $233 million in the previous quarter.
Total revenue for the first quarter was $299 million, compared to FactSet analysts’ consensus estimate of $355 million. The company also reported a loss in adjusted earnings of 45 cents per share, compared to analysts’ consensus estimate of 38 cents per share.
The company said in a statement Thursday that net total funded accounts increased to 22.8 million as of March 31 from 18.0 million in the year-ago quarter. Robinhood said this increase was “primarily driven by strong customer interest in cryptocurrencies in the second quarter of 2021.”
In its recent cryptocurrency moves, Robinhood has agreed to buy London-based crypto platform Ziglu, which is approved to provide crypto services in the UK. The company has also added Polygon’s SHIB, SOL, MATIC and Compound’s COMP tokens to its platform for users after activating its cryptocurrency. a wallet for two million “eligible” clients, making the transfer of digital assets widely possible in a firewalled investment application.
Shares of Robinhood fell about 9% after the close of trading on Thursday.
Robinhood will be on the phone with analysts to discuss the earnings report at 5:00 pm ET.