Summary by Futu AI
Robinhood Markets, Inc. (Robinhood) released its annual financial report for the year ending December 31, 2023. The company reported total net revenues of $1.87 billion, a 37% increase from the previous year's $1.36 billion. Despite the revenue growth, Robinhood incurred a net loss of $541 million, an improvement from the prior year's net loss of $1.03 billion. The company's operating expenses were $2.40 billion, slightly up from $2.37 billion in the previous year. Robinhood's key performance metrics showed a 2% increase in Funded Customers to 23.4 million and a 65% increase in Assets Under Custody (AUC) to $102.6 billion. Net Deposits totaled $17.1 billion, with a growth rate of 27% relative to the previous year's AUC. The Average Revenue Per User (ARPU) increased by 33% to $80. Monthly Active Users (MAU) slightly decreased by 4% to 10.9 million. The report also highlighted the company's effective internal control over financial reporting and the absence of any significant changes that could materially affect these controls. Robinhood's stock is listed on the Nasdaq Global Select Market under the ticker symbol 'HOOD'.