Robinhood climbs after reporting record earnings for first quarter

Shares of Robinhood rose in extended trading Thursday afternoon after the retail brokerage announced stronger-than-expected first-quarter results.

Robinhood reported 18 cents in earnings per share on $618 million of revenue. Analysts surveyed by LSEG were expecting the company to earn just 6 cents per share on $549 million in revenue.

The company said the earnings and revenue numbers were both records for the firm. The stock jumped more than 4% in after hours trading.

Robinhood surged in popularity during the Covid pandemic in 2020 and 2021, but has since seen user activity and revenue that mirrors action in the broader market. Stocks and cryptocurrencies rose during the first quarter, which likely helped the company's results.

Shares of Robinhood were up nearly 40% year to date before Wednesday's earnings announcement.

Read the full earnings release here.