Robinhood, you know, that trading app lots of folks are using, just shared some good news. They're saying their crypto money, you know, the cash they make from people trading cryptocurrency, went up by 10% in the last quarter of the year compared to the same time last year. That's a cool $43 million they made. And guess what? More folks are getting into crypto, so they're making more money.
Now, this might mean good things for their buddy Coinbase. See, Coinbase is another place where people trade crypto, and how much people trade is a big deal for how much money they make.
Robinhood's saying they handled a lot more crypto trading last quarter, like almost 90% more than the quarter before. Why? Well, it seems like the prices of digital money went up, especially with folks thinking bitcoin ETFs would get approved in the U.S. And guess what? They did get approved in January.
So, Robinhood made more money because more people were trading crypto, which is no surprise. They're saying their earnings from transactions went up by 8% compared to last year, mostly because of crypto trading.
Now, Coinbase, they're gonna tell us how they did soon, and chances are, they might have similar news about more people trading crypto.
Oh, and Robinhood's not stopping here. They're planning to get even more folks trading crypto this year, and they're gonna start doing it in other countries too. Just recently, they started letting folks in the European Union trade crypto.
The big boss of Robinhood, Vlad Tenev, says last year was great for them, and this year's looking even better. They're bringing in more customers and money in just the first part of this year than they did in all of last year.
So, Robinhood made a good chunk of change last quarter. They made $471 million in total, which is more than what those folks who predict stuff thought they'd make. And get this, they made a profit of $0.03 per share, when folks thought they'd lose $0.01 per share. So, their shares went up by 15% after they shared these numbers.
But, you know, for the whole year, their stock went down a bit, like 7%, while this other big stock market thing called the S&P 500 went up by 4.4%.