Press release
Robinhood Reports First Quarter 2024 Results
Record Revenues of $618 million, up 40% year-over-year and Record GAAP Diluted EPS of $0.18 Record Net Deposits of $11.2B, including net positive transfers
About this update from Robinhood Markets, Inc.
[{"type":"text","content":"Record Revenues of $618 million, up 40% year-over-year and Record GAAP Diluted EPS of $0.18 Record Net Deposits of $11.2B, including net positive transfers from every major incumbent brokerage firm Gold Subscribers reached a new high of 1.7 million, up 42% year-over-year MENLO PARK, Calif., May 08, 2024 (GLOBE NEWSWIRE) -- Robinhood Markets, Inc. (“Robinhood”) (NASDAQ: HOOD) today announced financial results for the first quarter of 2024, which ended March 31, 2024. “We continued to aggressively execute on our product roadmap in Q1, leading to all-time highs for Net Deposits and Gold Subscribers,\" said Vlad Tenev, CEO and Co-Founder of Robinhood. \"Q2 is off to a strong start with April being our highest month of the year for Net Deposits and Gold Subscriber growth, and we’re excited to see strong interest from over 1 million customers in our Robinhood Gold Card.\" \"We delivered significant revenue growth and margin expansion in Q1 as we remain focused on driving another year of profitable growth in 2024,” said Jason Warnick, Chief Financial Officer of Robinhood. “In Q1, we set records for quarterly revenues, net income, and EPS, even as we stepped up our marketing and growth investments.\" First Quarter Results: Total net revenues increased 40% year-over-year to $618 million. Transaction-based revenues increased 59% year-over-year to $329 million, primarily driven by cryptocurrencies revenue of $126 million, up 232%, options revenue of $154 million, up 16%, and equities revenue of $39 million, up 44%.Net interest revenues increased 22% year-over-year to $254 million, driven by growth in interest-earning assets and higher short term interest rates.Other revenues increased 35% year-over-year to $35 million, primarily driven by higher Gold subscription revenue. Net income increased year-over-year to $157 million, or diluted earnings per share (EPS) of $0.18, compared with a net loss of $511 million, or diluted EPS of -$0.57, in Q1 2023. Q1 2023 diluted EPS of -$0.57 included a -$0.54 impact from a one-time $485 million share-based compensation (\"SBC\") expense related to our co-founders cancelling their 2021 market-based restricted stock unit awards in February 2023 (the \"2021 Founders Award Cancellation\"). Total operating expenses decreased 52% year-over-year to $460 million primarily due to the 2021 Founders Award Cancellat...