Robinhood's quarterly financial reports

Robinhood Q1: Record Revenues, $26B Crypto Custody, 1.7M Gold Subscribers

May 8, 2024, 08:16 PM

Robinhood Markets, Inc. reported a significant financial turnaround in the first quarter of 2024, posting net revenues of $618 million, a 40% increase year-over-year. The trading platform also recorded a net income of $157 million, or $0.18 per diluted share, compared to a net loss of $511 million, or -$0.57 per diluted share, in the same quarter the previous year. This marks Robinhood's highest quarterly revenue since the 2021 meme stock frenzy. The company's performance was bolstered by higher interest rates and a surge in cryptocurrency trading, with $26 billion worth of cryptocurrencies under custody. Transaction-based revenue also exceeded expectations, reaching $329 million against estimates of $255.3 million. Gold Subscribers reached a new high of 1.7 million, up 42% year-over-year, and there was strong interest in its Gold credit card, with over 1 million on the waitlist.