Cryptocurrency revenue at popular trading app Robinhood hit a record high of $358 million in Q4 2021, driving fourth-quarter earnings that beat Wall Street estimates. As a result, Robinhood's stock surged in pre-market trading, with JPMorgan, Citi, and Bernstein all increasing their price targets for the stock. Robinhood's Q4 revenue rose 115% to $1.01 billion, surpassing analysts' estimates, largely due to a 700% rise in cryptocurrency revenue. Robinhood plans to expand its crypto business by adding more tokens, improving its wallet offering, and exploring tokenization. The positive outlook for cryptocurrencies and retail activity is expected to support the stock's performance, although volatility should be expected.



Other News from Today