April 28 (Reuters) – Robinhood Markets reported a rise in first-quarter profit on Tuesday, as market volatility boosted trading activity at the online brokerage.
Profit was $346 million, or 38 cents per share, in the three months ended March 31, compared with $336 million, or 37 cents per share, a year earlier.
Markets were jittery during the first quarter, buffeted by concerns around artificial intelligence-driven disruption and the U.S.–Israeli war on Iran.
Volatility tends to be a boon for trading platforms as investors rejig their portfolios to hedge against risks.
Robinhood’s transaction-based revenue rose 7% to $623 million from a year earlier, underpinned by strength in options and equities.
(Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Sahal Muhammed)
