Robinhood Markets Inc ( HOOD ) shares are rising Thursday after the company reported better-than-expected financial results for the first quarter.

Q1 Revenue: $618 million, versus estimates of $548.61 million

Q1 EPS: 18 cents, versus estimates of 5 cents

Total revenue was up 40% on a year-over-year basis. Transaction-based revenue was up 59% year-over-year to $329 million, primarily driven by cryptocurrency revenue of $126 million, which was up 232% year-over-year.

Funded customers increased by 810,000 to 23.9 million. Assets under custody climbed 65% year-over-year to $129.6 billion. Net deposits in the quarter totaled $11.2 billion. Monthly active users were up 16% to 13.7 million and average revenue per user increased 35% to $104.

“We continued to aggressively execute on our product roadmap in Q1, leading to all-time highs for Net Deposits and Gold Subscribers,” said Vlad Tenev, co-founder and CEO of Robinhood. 

“Q2 is off to a strong start with April being our highest month of the year for Net Deposits and Gold Subscriber growth, and we’re excited to see strong interest from over 1 million customers in our Robinhood Gold Card.”

Outlook: Robinhood said it expects adjusted operating expenses and stock-based compensation to be in between $1.85 billion and $1.95 billion for full-year 2024.

“We delivered significant revenue growth and margin expansion in Q1 as we remain focused on driving another year of profitable growth in 2024,” said Jason Warnick, CFO of Robinhood. 

Check This Out: Robinhood CEO Vlad Tenev Says The Platform Set To Introduce Index Options And Futures Trading For Active Traders: ‘Don’t Anticipate Seeing A Ton Of Cannibalization’

Analysts React: Following the print, Piper Sandler analyst Patrick Moley maintained Robinhood with a Neutral rating and raised the price target from $17 to $18. Needham analyst John Todaro also reiterated a Hold rating.

HOOD Price Action: Robinhood shares were up 6.95% at $19.07 at the time of publication, according to Benzinga Pro.