Robinhood HOOD CEO Vlad Tenev took to social media platform X, formerly Twitter, to reveal the company’s Q1 2024 achievements.
What Happened: Tenev posted that Robinhood had a strong start to 2024, highlighting several key developments in the first quarter.
Robinhood paid over $30 million to customers who transferred their brokerage accounts into the platform during the 1% transfer bonus. The company also extended its 3% match on transfers into Robinhood Retirement for Robinhood Gold customers, resulting in over 25,000 people transferring retirement assets from other brokerages.
The 24-hour market also saw significant activity, with a record-breaking overnight trading volume in February. The platform added hundreds of new stocks and ETFs, bringing over symbols available for overnight trading to over 900.
Robinhood also introduced the Robinhood Gold Card, a new category with industry-leading benefits. The company expanded its services to the UK and Europe, offering zero commission and no FX fees on trades.
Robinhood Crypto, which landed in Europe last year, now supports over 30 crypto assets, including Dogwifhat (WIF), Bonk (BONK), Arbitrum (ARB), Pepe (PEPE), and Celestia (TIA). The company also expanded the availability of Robinhood Wallet to Android users.
Robinhood has been updating its features and UX, such as adding Trading Trends to its stock detail pages. Tenev hinted that there are more big things to come in Q2.
Why It Matters: The Q1 developments come on the heels of Robinhood’s first-ever keynote event, unveiling several game-changing updates, including the Gold Card and a redesigned app. These developments have been met with positive market sentiment, with an analyst raising Robinhood’s forecast by 46%, citing the company’s strong growth potential.
Price Action: Robinhood Markets closed at $19.21, up 0.052% during the day on Wednesday. After hours, it rose to $19.26, gaining 0.26%, according to the data from Benzinga Pro.
Image Via Shutterstock
Engineered by Benzinga Neuro, Edited by Kaustubh Bagalkote
The GPT-4-based Benzinga Neuro content generation system exploits the extensive Benzinga Ecosystem, including native data, APIs, and more to create comprehensive and timely stories for you. Learn more.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
