Press release
Robinhood Reports Third Quarter 2021 Results
MENLO PARK, Calif., Oct. 26, 2021 (GLOBE NEWSWIRE) -- Robinhood Markets, Inc. (“Robinhood”) (NASDAQ: HOOD) today announced financial results for the third
About this update from Robinhood Markets, Inc.
[{"type":"text","content":"MENLO PARK, Calif., Oct. 26, 2021 (GLOBE NEWSWIRE) -- Robinhood Markets, Inc. (“Robinhood”) (NASDAQ: HOOD) today announced financial results for the third quarter ended September 30, 2021. Total net revenues increased 35% to $365 million, compared with $270 million in the third quarter of 2020.Transaction-based revenues increased 32% to $267 million, compared with $202 million in the third quarter of 2020. Options increased 29% to $164 million, compared with $127 million in the third quarter of 2020.Cryptocurrencies increased 860% to $51 million, compared to $5 million in the third quarter of 2020.Equities decreased 27% to $50 million, compared with $69 million in the third quarter of 2020. Loss before income tax was $1.37 billion, compared with loss before income tax of $11 million in the third quarter of 2020. Share-based compensation expense totaled $1.24 billion in the third quarter of 2021 of which $1.01 billion was recognized upon our IPO.Net loss was $1.32 billion, or $2.06 per diluted share, compared with net loss of $11 million, or $0.05 per diluted share in the third quarter of 2020.Adjusted EBITDA (non-GAAP) was negative $84 million, compared with positive $59 million in the third quarter of 2020.Net Cumulative Funded Accounts increased 97% to 22.4 million, compared with 11.4 million in the third quarter of 2020.Monthly Active Users (MAU) increased 76% to 18.9 million, compared with 10.7 million in the third quarter of 2020.Assets Under Custody (AUC) increased 115% to $95 billion, compared with $44 billion in the third quarter of 2020.Average Revenues Per User (ARPU) decreased 36% to $65, compared with $102 in the third quarter of 2020.Crypto activity declined from record highs in the prior quarter, leading to considerably fewer new funded accounts, a slight decline in Net Cumulative Funded Accounts, and lower revenue in the third quarter of 2021 compared with the second quarter of 2021. \"This quarter was about developing more products and services for our customers, including crypto wallets,\" said Vlad Tenev, CEO and Co-Founder of Robinhood Markets. \"More than one million people have joined our crypto wallets waitlist to date. With 24/7 live phone support, we believe that Robinhood is becoming the most trusted and intuitive platform for retail and crypto investors. And looking ahead, we're committed to delivering ...