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Robinhood shares waver after posting Q1 beat

The brokerage has had a volatile quarter.

4/30/25 3:23PM

Retail brokerage platform Robinhood Markets posted Q1 earnings that beat Wall Street expectations, sending the shares initially up and then down in the after-hours trading session. As of 4:20 p.m. ET, they are down roughly 1.5%.

(Full disclosure: Sherwood Media is an editorially independent subsidiary of Robinhood Markets Inc. I own Robinhood stock as part of my compensation.)

Revenues hit $927 million in a volatile quarter for the company, beating Wall Street expectations for $920 million, according to FactSet estimates.

Q1 earnings per share were $0.37, exceeding the forecast for $0.33 per share.

Transaction revenues rose 77% from Q1 2024 levels, driven largely by increases in cryptocurrency and options trading activity, though such revenues were down from levels seen at the end of 2024.

Robinhood shares have been volatile outperformers in early 2025, rising nearly 30% year to date, while the Nasdaq Composite is down roughly 10% and the S&P 500 is lower by 5%.

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>20%

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The buy-the-dip bid from retail traders has been a massive market theme throughout 2025, and analysts at Jefferies have tried to quantify just how big of a footprint individual traders now have in US markets.

In a note published Tuesday, they wrote (emphasis added):

“Retail investors have become an increasingly relevant component of the US trading ecosystem, representing >20% of volume — and even higher among names <$5. Growth in accounts, assets, and activity is reflected in the growth of Robinhood, Interactive Brokers, Charles Schwab, etc. A burgeoning product suite, expanded trading hours, and increased investor education support continued growth. Retail interest is here to stay; institutional investors should adjust their strategies accordingly.”

(Robinhood Markets Inc. is the parent company of Sherwood Media, an independently operated media company subject to certain legal and regulatory restrictions.)

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JPMorgan said Marvell’s management told them their Microsoft and Amazon custom chip business is on track, contradicting other reports

The latest release from the Marvell Chipematic Universe is out:

JPMorgan analyst Harlan Sur hosted a meeting with Marvell Technology President and COO Chris Koopmans and Senior VP of Investor Relations Ashish Saran on Monday amid reports that the chip company was poised to lose business from its two biggest hyperscaler custom chip clients: Amazon and Microsoft.

Benchmark downgraded the company on Monday, citing a loss of Trainium3 and 4 business, while The Information said on Friday the latter was planning on shifting its business to Broadcom. Shares tumbled 7% on Monday, erasing all of its post-earnings bounce, and are down again on Tuesday.

The message communicated to Sur from Marvell is, in short, one of Vince Vaughn’s quotable lines in “Wedding Crashers”: “Erroneous! Erroneous on both counts!”

“At our meeting yesterday, the Marvell team reiterated securing purchase orders for all of CY26 for the next-gen Trainium 3 XPU ASIC program at AWS and that the Microsoft 3 nanometer Maia AI XPU ASIC program remains on track to ramp back-half of calendar year 2026 and into calendar year 2027,” Sur wrote in a note to clients on Tuesday. “Moreover, the team reiterated that they are already working on next-gen 2 nanometer XPU programs for both customers.”

The analyst maintained a $92 price target and “overweight” rating on the shares.

Sur added that Marvell’s management “remains perplexed/frustrated at all of the ‘noise’ in the market.”

This whole thing is starting to have the feel of a three- to four-episode subplot arc from HBO’s “Billions.”

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