Robinhood rises after Q1 profit doubles, beats estimates

Shares of trading platform Robinhood HOOD.O rise 1.2% to $49.68 in after-hours trading

Co's Q1 profit doubles and beats estimates, driven by a surge in trading volumes from clients looking to hedge their positions amid choppy markets

Transaction-based revenue, or income generated from fees for facilitating trading in options, cryptocurrency and equities, jumped 77%

Majority of the gains came from a 100% jump in crypto trading activity as bitcoin remained choppy during the quarter

HOOD posts a profit of $336 million, or 37 cents per share, in the first quarter, up from $157 million, or 18 cents per share, a year earlier

Analysts had expected a profit of 33 cents per share - LSEG data

HOOD shares have gained 32% YTD