Summary by Moomoo AI
Robinhood Markets reported strong Q3 2024 results with total net revenues increasing 36% YoY to $637 million, driven by transaction-based revenues up 72% to $319 million and net interest revenues up 9% to $274 million. The company achieved net income of $150 million, or $0.17 per diluted share, compared to a net loss of $85 million in Q3 2023.Assets Under Custody rose 76% YoY to $152.2 billion, supported by $10 billion in quarterly net deposits. The company expanded its user base to 24.3 million funded customers, with Gold subscribers growing 65% YoY to 2.2 million. Robinhood Retirement reached $9.9 billion in AUC, with customers receiving over $200 million in retirement account matches.The company announced several strategic initiatives, including the launch of Robinhood Legend desktop platform and plans to introduce futures and index options trading. Robinhood continues executing its $1 billion share repurchase program, buying back 5 million shares for $97 million in Q3 at an average price of $19.42 per share.
