Press release
Robinhood Reports Second Quarter 2024 Results
Record Revenues of $682 million, up 40% year-over-year Record GAAP Diluted EPS of $0.21, up $0.18 year-over-year Record Net Deposits of $13.2 billion, an
About this update from Robinhood Markets, Inc.
[{"type":"text","content":"Record Revenues of $682 million, up 40% year-over-year Record GAAP Diluted EPS of $0.21, up $0.18 year-over-year Record Net Deposits of $13.2 billion, an annualized growth rate of 41% MENLO PARK, Calif., Aug. 07, 2024 (GLOBE NEWSWIRE) -- Robinhood Markets, Inc. (“Robinhood”) (NASDAQ: HOOD) today announced financial results for the second quarter of 2024, which ended June 30, 2024. “This quarter, we kept up the pace with rapid product launches and a relentless drive to provide top value for our customers,” said Vlad Tenev, CEO and Co-Founder of Robinhood. “With Robinhood Gold reaching 2 million subscribers, we're witnessing the flywheel accelerate.” “I’m encouraged by the progress we’re making as a business,” said Jason Warnick, Chief Financial Officer of Robinhood. “In Q2, we set new quarterly records for revenues and earnings per share as we continue to focus on delivering another year of profitable growth.” Second Quarter Results: Total net revenues increased 40% year-over-year to $682 million. Transaction-based revenues increased 69% year-over-year to $327 million, primarily driven by options revenue of $182 million, up 43%, cryptocurrencies revenue of $81 million, up 161%, and equities revenue of $40 million, up 60%.Net interest revenues increased 22% year-over-year to $285 million, driven by growth in interest-earning assets, increased securities lending activity, and higher short-term interest rates.Other revenues increased 19% year-over-year to $70 million, primarily due to increased Gold subscription revenues. Net income increased year-over-year to $188 million, or diluted earnings per share (EPS) of $0.21, compared to $25 million, or diluted EPS of $0.03, in Q2 2023.Total operating expenses increased 6% year-over-year to $493 million, primarily due to increased marketing and growth investments. Adjusted Operating Expenses (non-GAAP) increased 14% year-over-year to $407 million.Share-Based Compensation (SBC) decreased 21% year-over-year to $86 million. Adjusted EBITDA (non-GAAP) increased 99% year-over-year to $301 million.Funded Customers increased by 1.0 million year-over-year to 24.2 million. Investment Accounts increased by 1.4 million year-over-year to 24.8 million. Assets Under Custody (AUC) increased 57% year-over-year to $139.7 billion, driven by continued Net Deposits and higher equity and cryptocurrency valuati...