Summary by Moomoo AI
Robinhood Markets reported strong financial results for Q2 2024, with total net revenues increasing 40% to $682 million compared to $486 million in Q2 2023. Net income surged to $188 million, or $0.21 per diluted share, up from $25 million, or $0.03 per share, in the prior year period. Transaction-based revenues grew 69% to $327 million, while net interest revenues rose 22% to $285 million.Operating metrics showed continued momentum with Assets Under Custody (AUC) increasing 57% year-over-year to $139.7 billion. The company added 1 million new Funded Customers, bringing the total to 24.2 million, while Net Deposits reached $13.2 billion, representing an annualized growth rate of 41%. Average Revenue Per User (ARPU) improved 35% to $113.Looking ahead, Robinhood announced a $1 billion share repurchase program to be conducted over 2-3 years starting Q3 2024. The company also entered into an agreement to acquire Bitstamp, a global cryptocurrency exchange, for approximately $200 million, subject to regulatory approvals. Management remains focused on international expansion and new product development while maintaining operational efficiency.
