Summary by Moomoo AI
On August 7, 2024, Robinhood Markets, Inc. released its financial results for the second quarter of 2024, ending June 30. The company reported record revenues of $682 million, a 40% increase year-over-year, and a record GAAP diluted EPS of $0.21, up from $0.03 in Q2 2023. Net income rose to $188 million compared to $25 million in the previous year. Transaction-based revenues saw a significant increase, primarily driven by options revenue. Net interest revenues and other revenues also grew, attributed to growth in interest-earning assets and Gold subscription revenues. Operating expenses increased by 6% to $493 million, with marketing and growth investments being the primary drivers. The company highlighted the rapid product launches and the growth of Robinhood Gold subscribers to 2 million as key achievements. Assets Under Custody (AUC) increased...Show More
