On August 7, 2024, Robinhood Markets, Inc. released its financial results for the second quarter of 2024, ending June 30. The company reported record revenues of $682 million, a 40% increase year-over-year, and a record GAAP diluted EPS of $0.21, up from $0.03 in Q2 2023. Net income rose to $188 million compared to $25 million in the previous year. Transaction-based revenues saw a significant increase, primarily driven by options revenue. Net interest revenues and other revenues also grew, attributed to growth in interest-earning assets and Gold subscription revenues. Operating expenses increased by 6% to $493 million, with marketing and growth investments being the primary drivers. The company highlighted the rapid product launches and the growth of Robinhood Gold subscribers to 2 million as key achievements. Assets Under Custody (AUC) increased...Show More

On August 7, 2024, Robinhood Markets, Inc. released its financial results for the second quarter of 2024, ending June 30. The company reported record revenues of $682 million, a 40% increase year-over-year, and a record GAAP diluted EPS of $0.21, up from $0.03 in Q2 2023. Net income rose to $188 million compared to $25 million in the previous year. Transaction-based revenues saw a significant increase, primarily driven by options revenue. Net interest revenues and other revenues also grew, attributed to growth in interest-earning assets and Gold subscription revenues. Operating expenses increased by 6% to $493 million, with marketing and growth investments being the primary drivers. The company highlighted the rapid product launches and the growth of Robinhood Gold subscribers to 2 million as key achievements. Assets Under Custody (AUC) increased by 57% to $139.7 billion, driven by Net Deposits and higher equity and cryptocurrency valuations. The company also announced strategic acquisitions, including Bitstamp, Ltd. and Pluto Capital Inc., and introduced new features for advanced investors. A $1 billion share repurchase program was authorized, and the company is preparing for its first-ever customer-focused conference, Hood Summit 2024, in October. The financial outlook for the full year remains unchanged, with total operating expenses expected to be between $1.85 billion and $1.95 billion.