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Robinhood hits record $1 billion in Q4 revenue, boosted by 500% jump in crypto fees

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The online brokerage's stock soared in 2024 as investors flooded back into crypto to trigger another bull market.
Robinhood Markets Inc. reported a record-breaking $1.87 billion in revenue for the fourth quarter, significantly driven by a 500% surge in cryptocurrency transaction fees. This increase was attributed to heightened interest in digital assets, with Bitcoin and other cryptocurrencies experiencing a notable rally. The company's net revenue for the quarter was $471 million, surpassing Wall Street expectations. Additionally, Robinhood's crypto trading volume reached $36 billion, up from $12 billion the previous year. Despite this success, the company faced challenges including a $90 million fine from the Financial Industry Regulatory Authority for operational and technical failures. Robinhood also announced a 7% reduction in its workforce, aiming to streamline operations and focus on growth areas.

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