Robinhood swings to profit from year-ago loss

Robinhood Markets reported a profit in the first quarter compared with a loss last year, helped by rate hikes that boosted the online brokerage's net interest revenue.

Profit was $157 million or 18 cents per share for the three months ended March 31, compared with a loss of $511 million or 57 cents per share a year ago, the company said on Wednesday.