Robinhood Markets (HOOD) shares are rising in extended-hours trading after topping Wall Street's first quarter earnings estimates. Citizens JMP Director of Financial Technology Research Devin Ryan joins Market Domination Overtime to break down the earnings and the company's accelerating growth.

Robinhood brought in $329 million in transaction-based revenue in its first quarter, topping the estimated $255.3 million. New net deposits also rose over 40%, and Ryan tells Julie Hyman and Josh Lipton that "the asset gathering here is just incredibly strong."

He adds that despite Robinhood's status as a platform for first-time traders, the company has "made a huge effort to really expand their offering to be more attractive to active traders, which can be larger-balance individuals and also higher-revenue individuals for the firm."

He points to new offerings like its 1% matching retirement account and the company's international expansion as contributing factors to Robinhood's increased growth.

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This post was written by Melanie Riehl