Robinhood (NASDAQ: HOOD) has released its financial results for the first quarter of 2023. According to the performance report, the company’s net loss has increased by more than 200% on a YoY basis. The higher net loss comes despite a significant increase in revenue.
The latest results revealed that the quarterly revenue of the US-based no-commission stock broker remained $441 million. This was above the analyst expectations of $424.53 million and an increase of 11% on a QoQ basis.
Robinhood Stock Price Jumps In Pre-Market
Robinhood stock trades at the Nasdaq stock exchange under the ticker NASDAQ: HOOD. The stock opened higher on Wednesday as the investors awaited the earnings report. However, the shares closed the day with a 0.44% loss. On Thursday, Robinhood stock price rose in the pre-market and jumped from $9.07 to $9.69.
The positive price action suggests that the markets have taken the earnings report positively. According to further details, the options and equities trading revenues increased by 7% and 29%, respectively in Q1. However, the cryptocurrency revenue fell by 1%.
Robinhood Announces UK-Launch And 24-Hour Trading
On the day of its earnings report’s release, Robinhood also announced its expansion to the UK market by the end of this year. Along with expansion to another jurisdiction, the platform also announced to roll out its 24-hour trading service for 5 days a week.
Th 24-hour trading service will be available to limited users starting next week. The company intends to roll out the feature by June 2023 to all users. The CEO and Co-Founder of Robinhood Vlad Tenev cited the expansion as a testament to the team’s relentless pursuit of innovation.