The fintech company also saw 40% revenue growth and amassed $139.7 billion in assets under custody.
What is more, the number of Gold subscribers surpassed 2 million.
Robinhood
Markets (NASDAQ: HOOD) reported record-breaking second-quarter results on
Wednesday, with total net revenues soaring to $682 million. The company's
performance was boosted by significant growth in transaction-based revenues and
a surge in its premium subscription service.
Robinhood Posts Record Q2 Numbers
The
financial technology firm, known for its commission-free trading platform, saw
its net income climb to $188 million, translating to diluted earnings per share
of $0.21. This marks a substantial increase from the $25 million, or $0.03 per
share, reported in the same quarter last year.
Net profit
increased by 652% compared to the $25 million reported in the same period last
year and by 20% compared to the $157 million from the first quarter of this
year.
“I’m
encouraged by the progress we’re making as a business,” said Jason Warnick,
Chief Financial Officer of Robinhood. “In Q2, we set new quarterly records for
revenues and earnings per share as we continue to focus on delivering another
year of profitable growth.”
Robinhood's
transaction-based revenues, which include income from options,
cryptocurrencies, and equities trading, jumped 69% year-over-year (YoY) to $327
million. Options trading continued to be a key driver, with revenues in this
segment increasing 43% to $182 million. Cryptocurrency trading revenues more
than doubled, surging 161% to $81 million.
“This
quarter, we kept up the pace with rapid product launches and a relentless drive
to provide top value for our customers,” said Vlad Tenev, CEO and
Co-Founder of Robinhood.
Earlier this week, Robinhood announced the appointment of David Schwed as the Chief Information Security Officer for its Brokerage division. Previously, Schwed served as the Chief Operating Officer and subsequently as an Advisor at Halborn, a cybersecurity company.
Gold Surpasses 2 Million
The
company's premium subscription service, Robinhood Gold, reached a milestone of
2 million subscribers, representing an increase of 750,000 or 61% YoY. This
growth in Gold subscribers has contributed to the company's other revenues,
which rose 19% to $70 million.
“With
Robinhood Gold reaching 2 million subscribers, we're witnessing the flywheel
accelerate,” added Tenev.
Robinhood's
assets under custody (AUC) also grew 57% YoY to $139.7 billion, driven by net
deposits and higher equity and cryptocurrency valuations. The company reported
net deposits of $13.2 billion for the quarter, representing an annualized
growth rate of 41% relative to AUC at the end of Q1 2024.
Looking
ahead, Robinhood maintained its full-year 2024 expense outlook, projecting GAAP
total operating expenses and Non-GAAP combined Adjusted Operating Expenses and
Share-Based Compensation to range between $1.85 billion and $1.95 billion.
Concurrently, the firm launched joint investment accounts that allow multiple users to handle investments collaboratively. This new feature allows families and partners to combine their assets into one account, thereby improving their investment approaches.
Robinhood
Markets (NASDAQ: HOOD) reported record-breaking second-quarter results on
Wednesday, with total net revenues soaring to $682 million. The company's
performance was boosted by significant growth in transaction-based revenues and
a surge in its premium subscription service.
Robinhood Posts Record Q2 Numbers
The
financial technology firm, known for its commission-free trading platform, saw
its net income climb to $188 million, translating to diluted earnings per share
of $0.21. This marks a substantial increase from the $25 million, or $0.03 per
share, reported in the same quarter last year.
Net profit
increased by 652% compared to the $25 million reported in the same period last
year and by 20% compared to the $157 million from the first quarter of this
year.
“I’m
encouraged by the progress we’re making as a business,” said Jason Warnick,
Chief Financial Officer of Robinhood. “In Q2, we set new quarterly records for
revenues and earnings per share as we continue to focus on delivering another
year of profitable growth.”
Robinhood's
transaction-based revenues, which include income from options,
cryptocurrencies, and equities trading, jumped 69% year-over-year (YoY) to $327
million. Options trading continued to be a key driver, with revenues in this
segment increasing 43% to $182 million. Cryptocurrency trading revenues more
than doubled, surging 161% to $81 million.
“This
quarter, we kept up the pace with rapid product launches and a relentless drive
to provide top value for our customers,” said Vlad Tenev, CEO and
Co-Founder of Robinhood.
Earlier this week, Robinhood announced the appointment of David Schwed as the Chief Information Security Officer for its Brokerage division. Previously, Schwed served as the Chief Operating Officer and subsequently as an Advisor at Halborn, a cybersecurity company.
Gold Surpasses 2 Million
The
company's premium subscription service, Robinhood Gold, reached a milestone of
2 million subscribers, representing an increase of 750,000 or 61% YoY. This
growth in Gold subscribers has contributed to the company's other revenues,
which rose 19% to $70 million.
“With
Robinhood Gold reaching 2 million subscribers, we're witnessing the flywheel
accelerate,” added Tenev.
Robinhood's
assets under custody (AUC) also grew 57% YoY to $139.7 billion, driven by net
deposits and higher equity and cryptocurrency valuations. The company reported
net deposits of $13.2 billion for the quarter, representing an annualized
growth rate of 41% relative to AUC at the end of Q1 2024.
Looking
ahead, Robinhood maintained its full-year 2024 expense outlook, projecting GAAP
total operating expenses and Non-GAAP combined Adjusted Operating Expenses and
Share-Based Compensation to range between $1.85 billion and $1.95 billion.
Concurrently, the firm launched joint investment accounts that allow multiple users to handle investments collaboratively. This new feature allows families and partners to combine their assets into one account, thereby improving their investment approaches.
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
Infinox Reappoints Lee Holmes to Executive Management
Transformation in the APAC Trading Landscape and Beyond | FMPS:24
Transformation in the APAC Trading Landscape and Beyond | FMPS:24
As the financial services industry experiences rapid and transformative changes, leading fintech experts and policymakers come together to discuss the present and future of retail trading and the evolving regulatory landscape. Join this insightful session for a forward-looking perspective on the trends, innovations, and trader needs that are shaping the future of offerings on a global scale.
Speakers:
Eric Blewitt, CEO, Investment Trends
Rhys Bollen, Senior Executive Leader, Digital Assets, Australian Securities and Investments Commission (ASIC)
Michael Bogoevski, Head of Institutional Sales, CMC Connect
Karin Setchell, General Manager, Product & Investing Solutions, CommSec
#fmps #fmps24 #fmevents #RetailTrading #FintechInnovation #FinancialRegulation #DigitalAssets #GlobalFinance
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As the financial services industry experiences rapid and transformative changes, leading fintech experts and policymakers come together to discuss the present and future of retail trading and the evolving regulatory landscape. Join this insightful session for a forward-looking perspective on the trends, innovations, and trader needs that are shaping the future of offerings on a global scale.
Speakers:
Eric Blewitt, CEO, Investment Trends
Rhys Bollen, Senior Executive Leader, Digital Assets, Australian Securities and Investments Commission (ASIC)
Michael Bogoevski, Head of Institutional Sales, CMC Connect
Karin Setchell, General Manager, Product & Investing Solutions, CommSec
#fmps #fmps24 #fmevents #RetailTrading #FintechInnovation #FinancialRegulation #DigitalAssets #GlobalFinance
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
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Executive Interviews with Joe Li & Simon Naish | ATFX | FMPS:24
Executive Interviews with Joe Li & Simon Naish | ATFX | FMPS:24
In this Finance Magnates Executive Interview, Joe Li, Chairman at ATFX and Simon Naish, Country Head of Australia at ATFX Connect, discuss ATFX’s strategic growth in the APAC region, particularly focusing on their institutional arm, ATFX Connect. They highlight the importance of Australia as a strategic hub, the challenges of operating in a highly competitive and regulated market, and their plans for regional expansion across APAC. The conversation touches on the integration of advanced technology and multi-asset offerings, the significance of optimal execution tools, and the importance of tailoring solutions to meet the sophisticated demands of institutional clients. They also emphasize their strong regulatory compliance and their commitment to enhancing client experience through innovative tools and infrastructure.
#fmps #fmps24 #fmevents #ATFXConnect #APACFinance #InstitutionalTrading #FinancialTechnology #MarketExpansion
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
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Don't miss out on our latest videos, interviews, and event coverage.
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In this Finance Magnates Executive Interview, Joe Li, Chairman at ATFX and Simon Naish, Country Head of Australia at ATFX Connect, discuss ATFX’s strategic growth in the APAC region, particularly focusing on their institutional arm, ATFX Connect. They highlight the importance of Australia as a strategic hub, the challenges of operating in a highly competitive and regulated market, and their plans for regional expansion across APAC. The conversation touches on the integration of advanced technology and multi-asset offerings, the significance of optimal execution tools, and the importance of tailoring solutions to meet the sophisticated demands of institutional clients. They also emphasize their strong regulatory compliance and their commitment to enhancing client experience through innovative tools and infrastructure.
#fmps #fmps24 #fmevents #ATFXConnect #APACFinance #InstitutionalTrading #FinancialTechnology #MarketExpansion
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
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Ready to Scale? Regtech in Australia, A Global View | FMPS:24
Ready to Scale? Regtech in Australia, A Global View | FMPS:24
In the effort to elevate Australian fintech on the global stage, RegTech presents a unique and compelling case. Despite the increasing demand for robust compliance solutions, Australia's RegTech sector—ranked third-largest globally—remains underfunded. Join this insightful fireside chat to explore the future of Australia’s RegTech hub and its global potential.
Key discussion points include uncovering the hidden opportunities in RegTech that VCs are overlooking, the necessary steps for increased governmental support, the readiness of the local ecosystem to collaborate across global regulatory regimes, and lessons learned from other leading fintech hubs around the world.
Speakers:
Dickie Currer, National Lead, Tech Australia Advocates
Deborah Young, CEO, The RegTech Association
#fmps #fmps24 #fmevents #RegTech #Fintech #AustralianFintech #GlobalCompliance #TechInnovation
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
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👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
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Don't miss out on our latest videos, interviews, and event coverage.
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In the effort to elevate Australian fintech on the global stage, RegTech presents a unique and compelling case. Despite the increasing demand for robust compliance solutions, Australia's RegTech sector—ranked third-largest globally—remains underfunded. Join this insightful fireside chat to explore the future of Australia’s RegTech hub and its global potential.
Key discussion points include uncovering the hidden opportunities in RegTech that VCs are overlooking, the necessary steps for increased governmental support, the readiness of the local ecosystem to collaborate across global regulatory regimes, and lessons learned from other leading fintech hubs around the world.
Speakers:
Dickie Currer, National Lead, Tech Australia Advocates
Deborah Young, CEO, The RegTech Association
#fmps #fmps24 #fmevents #RegTech #Fintech #AustralianFintech #GlobalCompliance #TechInnovation
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
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Resilience in Trading: From Third Class To World Class | FMPS:24
Resilience in Trading: From Third Class To World Class | FMPS:24
Join Mario Singh, Founder and Chairman of Fullerton Markets, as he shares his life story, highlighting the traits that were required starting without financial knowledge to become a financial and trading expert recognised by world-renowned media like CNBC & Bloomberg.
#fmps #fmps24 #fmevents #trading #onlinetrading #tradingexpert #tradingjourney
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
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Don't miss out on our latest videos, interviews, and event coverage.
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Join Mario Singh, Founder and Chairman of Fullerton Markets, as he shares his life story, highlighting the traits that were required starting without financial knowledge to become a financial and trading expert recognised by world-renowned media like CNBC & Bloomberg.
#fmps #fmps24 #fmevents #trading #onlinetrading #tradingexpert #tradingjourney
📣 Stay updated with the latest in finance and trading!
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IBs and Brokers: The Good, The Bad, The Ugly | FMPS:24
IBs and Brokers: The Good, The Bad, The Ugly | FMPS:24
For most brokers, IBs and trading educators are invaluable partners, driving highly targeted traffic from key regions. However, without proper management, these relationships can quickly turn sour. In this session, gain an insider’s perspective on the types of licenses IBs need in APAC, the crucial details in IB agreements that both parties must scrutinize, common disputes between IBs and brokers and effective resolutions, and the pros and cons of transitioning from IB to broker.
Speakers:
Melody Gao, Senior Lawyer, Sophie Grace
James Perry-Keene, Head of Strategic Partnerships, Pepperstone
Christopher Balanzategui, CEO, N3tworx
#fmps #fmps24 #fmevents #IBAgreements #BrokerPartnerships #TradingIndustry #APACFinance #FinancialRegulation
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For most brokers, IBs and trading educators are invaluable partners, driving highly targeted traffic from key regions. However, without proper management, these relationships can quickly turn sour. In this session, gain an insider’s perspective on the types of licenses IBs need in APAC, the crucial details in IB agreements that both parties must scrutinize, common disputes between IBs and brokers and effective resolutions, and the pros and cons of transitioning from IB to broker.
Speakers:
Melody Gao, Senior Lawyer, Sophie Grace
James Perry-Keene, Head of Strategic Partnerships, Pepperstone
Christopher Balanzategui, CEO, N3tworx
#fmps #fmps24 #fmevents #IBAgreements #BrokerPartnerships #TradingIndustry #APACFinance #FinancialRegulation
📣 Stay updated with the latest in finance and trading!
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