Cryptocurrency trading has surged, leading to a doubling of Robinhood's (HOOD.US) Q4 revenue.

Robinhood (HOOD.US) reported that its revenue more than doubled due to a surge in cryptocurrency trading during the US presidential election. The company's revenue in the fourth quarter of last year grew 115% year-on-year to $1.01 billion, topping the market's expectation of $941 million. Its cryptocurrency revenue grew more than 700% to $358 million, topping the market's expectation. Robinhood also achieved profitability for five consecutive quarters, with its net profit in Q4 growing more than tenfold year-on-year to $916 million, or $1.01 per share. Robinhood expects its adjusted operating expenses and stock incentives to be $2 billion to $2.1 billion this year. Vlad Tenev, CEO of Robinhood, said on Wednesday: "We are stepping up product development in 2024. We see a huge opportunity in front of us because we are committed to making it possible for anyone, anywhere, to buy, sell or hold any financial asset and trade any financial instrument through Robinhood." The cryptocurrency trading frenzy was a key factor in Robinhood's profit growth in the quarter. Before the US presidential election in November, Donald Trump pledged to be the "bitcoin president" and has so far kept his promise, including signing an executive order to establish a digital asset working group last month. Bitcoin rose for a month after the election vote in the fourth quarter, trading above $100,000. Robinhood began to venture into sports event contracts after launching trading based on the US presidential election results, especially Super Bowl contracts. However, the company was halted by the US Commodity Futures Trading Commission after launching its Super Bowl betting service on the same day. Robinhood also plans to enter the global market in 2025 and plans to set up its Asia headquarters in Singapore. The company launched its US stock options trading service to UK customers on Tuesday. As of the time of writing, Robinhood's stock rose 16.17% after hours.