Robinhood's first-quarter revenue is expected to hit a three-year high

BlockBeats news, May 8, Reuters reported that trading app Robinhood is expected to record its highest quarterly revenue in nearly three years, benefiting from a steady rebound in stock and cryptocurrency trading. Expectations of global interest rate cuts pushed U.S. stocks and Bitcoin to record highs earlier this year, attracting traders back to the market and helping the retail brokerage firm earn more trading revenue. Robinhood was at the forefront of the "monster stock" frenzy in 2021 and is now recovering from the downturn after the trading boom caused by the epidemic. JPMorgan analysts said that Robinhood's core business saw a sharp rebound in stock, options and cryptocurrency trading volumes in the first quarter, with total trading volumes up nearly 20% year-on-year. Driven by strong retail trading activity, Robinhood's stock price soared 58% in the first three months of this year, the largest single-quarter increase since its listing.