Robinhood Markets (HOOD) posted its first quarter report, revealing $618 million in revenue, beating expectations of $546.8 million. The company's cryptocurrency revenue for the quarter was $126 million, which helped drive transaction-based revenues up 59% year-over-year.

Yahoo Finance Reporter Jared Blikre joins Market Domination Overtime to break down the numbers in Robinhood's quarterly report.

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This post was written by Nicholas Jacobino

Video Transcript

Robin Hood.All right, let's do that now.And Jared is taking a look at that one for us.Yes, Thank you.Uh, first, let's go over the first quarter results EPS of 18 cents.Uh, but what the number of that people are focusing on is EBITA adjusted EBITA.And give me a second, and I will get that to you.Uh, sorry, guys.My notes just disappeared.Well, let's go to net revenue.That came in at 618 million.The estimate was for 546.8 million.So, uh, big beat there.Other revenue just as a minor category 35 million versus estimates of 36.2 million.And, uh, we are looking at transaction based revenue of 329 million versus estimates of 255 million.So that's a pretty big beat right there.When you break out crypto revenue, this is a huge beat.100 26 million versus estimates of 70.9 million.So beat that by about $50 million.Pretty big percentage there, and assets under custody.129.6 billion.And this is more than the street expected 120.43 billion.So still going through the results here.But I do have some interesting facts here from their first quarter operations.Um, they've been boosting their retirement or trying to beef up their retirement accounts.Uh, they got $4.2 billion in those accounts, uh, compared with 0.3 billion at the end of the first quarter one year ago.Um, also looking at monthly net active users.And that increased 16% year over year to 13.7 million.And also looking at their margin book that increased 32% year over year to 4.1 billion.That is a cash source.And also, they made some, um, some statements about their gold subscriber account.Uh, Vlad tenev the CEO saying in in the very first line, we continue to aggressively execute our product road map in the first quarter, leading to all time highs and net deposits and gold subscribers.And that's Vlad Tenev CEO and co founder of Robin Hood.Yeah, and he's also touting that, you know, they just rolled out this gold credit card offering, right?So they're touting that introduction as well.Obviously, there's been some overhangs for Robin Hood.There's been some concern about this Wells notice, uh, that reportedly they were served from the securities name only a few days ago.We talked to Dan Dolo at that time who said the concerns were overblown about that.But you know, that's still something that is in the back of investors' minds, but it it is interesting to see that crypto number beat estimates by such a wide margin.You know, you have to wonder, Are they going to be forced to take?They've taken down some of the tickers they had related to some of the meme coins.I guess I've seen I've seen estimates for that.It's going to be in the tens of millions of dollars that it cost them, either in the combination of fines or pulling back some business there.It's not a disaster, and I mean, there's still some complaints left over from the Robin Hood, uh, Reddit Gamestop phenomenon of 2021.But those are slowly going away as well.And so those aren't really material to these quarter results.All right, thanks, Jared.Appreciate it.And by the way, we should mention CEO of Vlad Tenev.We're going to hear from tomorrow morning.That's correct.Exactly.