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What will Robinhood's Q3 2024 net revenue be?
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Robinhood's Q3 2024 earnings report
Story
Robinhood's Q2 Earnings: EPS $0.21, Revenue $682M Surpass Expectations
Aug 7, 2024, 08:10 PM
Robinhood Markets reported strong financial results for the second quarter of 2024, with total net revenues increasing by 40% year-over-year to $682 million, surpassing Wall Street expectations of $642.6 million. The company's earnings per share (EPS) also exceeded forecasts, reaching $0.21 compared to the expected $0.15. This growth was driven by robust trading in equities and cryptocurrencies, with transaction-based revenues rising 69% year-over-year to $327 million. Notably, crypto trading revenue surged 161% to $81 million, and options trading revenue increased 43% to $182 million. Despite these positive results, Robinhood's monthly active users (MAUs) fell short of expectations, coming in at 11.8 million compared to the anticipated 13 million. The company also reported a significant increase in assets under custody, which rose 57% year-over-year to $139.7 billion. Net income for the quarter was $188 million, and Robinhood Gold subscribers reached 2 million. Additionally, net deposits grew to $13.2 billion.
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