(Bloomberg) -- Robinhood Markets Inc. shares surged as revenue topped estimates and executives said deposit growth is outpacing that of last year.

Fourth-quarter net revenue jumped 24% from a year earlier to $471 million, beating analysts’ estimates of $457 million, according to a statement Tuesday.

“2023 was a strong year as our product velocity continued to accelerate, our trading market share increased, and we started to expand globally,” Robinhood Chief Executive Officer Vlad Tenev said in the statement. “And we’re off to an even better start in 2024, as we’ve already brought in more funded customers and net deposits through the first half of Q1 than we did in all of Q4 2023.”

Shares in the company, a trailblazer of commission-free trading apps, were up about 9% at 6:02 p.m. in after-hours trading in New York.

Net deposits were $4.6 billion for the fourth quarter. Robinhood’s crypto revenue was $43 million for the quarter, topping estimates for $37 million.

US regulators approved some Bitcoin exchange-traded funds in January, which Robinhood quickly made available to customers. Though some of the ETF approval frenzy has dissipated, Bitcoin, the oldest cryptocurrency, just hit its highest value in two years.

Chief Financial Officer Jason Warnick told analysts on a call Tuesday that declining interest rates tend to support growth — an opportunity for Robinhood in the year ahead.

“We think 2024 is the year when we’ll see interest rates shift from being a headwind for our business growth into a tailwind,” he said.

Menlo Park, California-based Robinhood estimates total operating expenses will be between $1.85 billion and $1.95 billion for this year. Analysts estimated the outlook would be $1.95 billion for total operating expenses.

(Updates with CFO comments starting in seventh paragraph.)

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