earnings yesterday as a surge in crypto trading fueled a 40% year-on-year jump in revenue, leading some analysts to upgrade their earnings estimates and price targets.
A “solid beat in the quarter to us and consensus as stronger than expected crypto trading revenues drove earnings per share higher, with lower expenses also contributing a penny to the $0.05 adjusted earnings before interest, taxes, depreciation and amortization beat,” KBW analysts led by Kyle Voigt wrote.Two other key takeaways were the strong reception by customers to new products such as the platform’s Gold Card, and the business’ EBITDA margin expansion, KBW said.
The popular trading platform added 500,000 new accounts in the quarter, more than in all of last year and the highest quarter for new accounts since first-quarter 2022, JMP said. Positive momentum has continued, with a record $5 billion in deposits in April versus the monthly average of $3.7 billion in the first quarter, the broker noted.
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