Summary by Moomoo AI
Robinhood Markets reported robust Q3 2024 financial results, with total net revenues increasing 36% year-over-year to $637 million and net income reaching $150 million, or $0.17 per diluted share. Transaction-based revenues surged 72% to $319 million, driven by significant growth in cryptocurrency, options, and equities trading volumes. Net interest revenues grew 9% to $274 million on higher interest-earning assets.Assets Under Custody (AUC) jumped 76% year-over-year to $152.2 billion, supported by $10 billion in net deposits during the quarter, representing an annualized growth rate of 29%. The company's customer base expanded to 24.3 million Funded Customers, while Gold Subscribers increased 65% to 2.19 million. Operating expenses decreased 10% to $486 million, reflecting improved operational efficiency.The company continued its share repurchase program, buying back $97 million worth of Class A common stock during the quarter. Looking ahead, Robinhood maintains a strong liquidity position with $4.61 billion in cash and cash equivalents, positioning the company for continued growth while investing in new product offerings and international expansion.
