(Reuters) -Robinhood Markets reported a revenue within the first quarter on Wednesday in contrast with a loss final 12 months, helped by sturdy buying and selling volumes and charge hikes that boosted its web curiosity income.
The corporate reported a revenue of $157 million or 18 cents per share for the three months ended March 31, in contrast with a lack of $511 million or 57 cents per share a 12 months in the past.
Coverage tightening by the Federal Reserve has allowed firms to extend earnings from their money deposits and their portfolio of bond investments.
Brokers like Robinhood (NASDAQ:), which presents merchants the flexibility to borrow towards their investments, can now cost larger rates of interest on these loans.
The corporate’s web curiosity income jumped 22% to $254 million.
The prospect of a comfortable touchdown additionally spurred retail merchants to re-enter the market, main the Menlo Park, California-based firm to attain a 59% enhance in transaction-based income.
