Robinhood Markets Inc. reported revenue that more than doubled as the online trading firm was buoyed by crypto-market transactions around the US presidential election.

The DIY investment giant's positive earnings surprise, surpassing $1 billion in revenue for the first time, puts it on strong footing for future expansion.

Robinhood has cemented its foothold in the crypto trading market as its commission-free model attracts price-conscious customers, analysts said, strengthening its position as a rival to digital asset-focused exchanges such as Coinbase.

Robinhood Earnings And Outlook. For Q4, Robinhood posted EPS of $1.01, crushing FactSet consensus views for 42 cents. Revenue of $1.01 billion also easily beat estimates for $945.