(Boursier.com) — robinhood takes 5% before trading on Wall Street. The US online broker unveiled first quarter earnings above market expectations and an adjusted loss per share lower than expected at 57 cents, against 61 cents of consensus. Total revenues, including those from ‘crypto’ transactions, were $441 million, a strong increase of almost 50% compared to the prior year and a sequential increase of 16%. The net loss remains massive at $511 million. It even widened by 345 million dollars compared to the fourth quarter… The group also intends to launch ’24-hour trading services’. The firm’s crypto revenue was close to the prior quarter, but fell 30% year-over-year to $38 million. Transaction income reached $207 million, a sequential increase of 11%, while net interest income totaled $208 million, up 25% compared to the previous quarter.
The group also plans to buy 500 million dollars worth of securities from the hilarious Sam Bankman-Fried. This is the redemption of a block of 55 million shares representing 7.6% of the capital, held by the fallen founder of FTX and his sidekick Gary Wang. Robinhood’s board has approved the buyback and discussions are ongoing.
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