Robinhood Markets (HOOD) shares are advancing as the online retail brokerage reported better-than-expected financial results, and said it’s expanding services including enabling 24-hour trading.
The online brokerage posted a first quarter loss of $0.57 per share, with revenue soaring 47% to $441 million. Both were above analysts’ forecasts.
The company benefited from the Federal Reserve‘s interest rate hikes, with net interest revenue jumping 278% from a year ago. However, transaction-based revenues declined 5%.
Robinhood added 400,000 monthly active users (MAU) from the previous quarter for a total of 11.8 million, and average revenue per user increased 17% to $77.
The company also said it will launch “24 Hour Market” next week, giving customers the opportunity to trade stocks 24 hours a day, five days a week.
Robinhood Markets shares are up over 4% as of 2:00 p.m. New York time, and 16% year-to-date. They’ve far outperformed the broader S&P 500 financial sector, which is down 7% over the same period.