Press release
Robinhood Reports Fourth Quarter and Full Year 2023 Results
2023 Record Revenues of $1.9 billion, up 37% year-over-year, including $471 million in Q4 Net positive transfers from every major brokerage competitor fuels
About this update from Robinhood Markets, Inc.
[{"type":"text","content":"2023 Record Revenues of $1.9 billion, up 37% year-over-year, including $471 million in Q4 Net positive transfers from every major brokerage competitor fuels strong Net Deposits of $4.6 billion in Q4 Q4 GAAP net income of $30 million, or $0.03 per share, and Adjusted EBITDA of $133 million MENLO PARK, Calif., Feb. 13, 2024 (GLOBE NEWSWIRE) -- Robinhood Markets, Inc. (“Robinhood”) (NASDAQ: HOOD) today announced financial results for the fourth quarter and full year 2023, which ended December 31, 2023. “2023 was a strong year as our product velocity continued to accelerate, our trading market share increased, and we started to expand globally,” said Vlad Tenev, CEO and Co-Founder of Robinhood. “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.” “We delivered significant profitable growth in 2023,” said Jason Warnick, Chief Financial Officer of Robinhood. “We drove record full-year revenues and substantially higher margins, and in Q4 we had positive GAAP net income. In 2024, we aim to continue delivering profitable growth as we work to maximize earnings per share over time to drive long-term shareholder value.” Fourth Quarter Results: Total net revenues increased 24% year-over-year to $471 million, due to higher net interest, transaction-based, and other revenues. Net interest revenues increased 41% year-over-year to $236 million, driven by growth in interest-earning assets and higher short term interest rates.Transaction-based revenues increased 8% year-over-year to $200 million, primarily driven by cryptocurrencies revenue of $43 million, up 10%, equities revenue of $25 million, up 19%, partially offset by options revenue of $121 million, down 2%.Other revenues increased 30% year-over-year to $35 million, primarily driven by higher revenues from Gold subscriptions and Sherwood Media. Net income increased year-over-year to $30 million, or earnings per share (EPS) of $0.03, compared with a net loss of $166 million, or EPS of -$0.19, in Q4 2022.Total operating expenses decreased 17% year-over-year to $445 million. Adjusted Operating Expenses (non-GAAP) increased 14% year-over-year to $364 million.Share-based compensation (SBC) decreased 49% year-over-year to $81 million. Adjusted EBITDA (non-GAAP) increased 62% ...