On May 8, 2024, Robinhood Markets, Inc. released its financial results for the first quarter of 2024, showcasing a significant year-over-year increase in revenues and net income. The company reported record revenues of $618 million, a 40% increase from the previous year, and a net income of $157 million, or $0.18 diluted earnings per share (EPS), a substantial improvement from a net loss of $511 million, or -$0.57 diluted EPS, in the first quarter of 2023. The positive financial performance was attributed to growth across all revenue streams, including a 59% increase in transaction-based revenues and a 22% increase in net interest revenues. Robinhood also highlighted a record number of Gold Subscribers, which reached 1.7 million, marking a 42% increase year-over-year. The company's assets under custody (AUC) grew...Show More

On May 8, 2024, Robinhood Markets, Inc. released its financial results for the first quarter of 2024, showcasing a significant year-over-year increase in revenues and net income. The company reported record revenues of $618 million, a 40% increase from the previous year, and a net income of $157 million, or $0.18 diluted earnings per share (EPS), a substantial improvement from a net loss of $511 million, or -$0.57 diluted EPS, in the first quarter of 2023. The positive financial performance was attributed to growth across all revenue streams, including a 59% increase in transaction-based revenues and a 22% increase in net interest revenues. Robinhood also highlighted a record number of Gold Subscribers, which reached 1.7 million, marking a 42% increase year-over-year. The company's assets under custody (AUC) grew by 65% to $129.6 billion, driven by higher equity and cryptocurrency valuations and continued net deposits, which totaled $11.2 billion for the quarter. The earnings report was accompanied by the announcement of a new Gold Credit Card and a 1% unlimited deposit boost for Gold subscribers. Robinhood's CEO Vlad Tenev expressed excitement over the company's strong start to the second quarter, with April being the highest month of the year for net deposits and Gold Subscriber growth. Chief Financial Officer Jason Warnick emphasized the company's focus on profitable growth and margin expansion. The report also included forward-looking statements regarding Robinhood's strategic plans and financial outlook for the remainder of 2024.