{"id":252312,"date":"2024-08-08T04:14:36","date_gmt":"2024-08-08T04:14:36","guid":{"rendered":"https:\/\/michigandigitalnews.com\/index.php\/2024\/08\/08\/robinhood-hood-sees-record-revenues-and-subscriber-growth-in-q2-2024\/"},"modified":"2025-06-25T17:12:49","modified_gmt":"2025-06-25T17:12:49","slug":"robinhood-hood-sees-record-revenues-and-subscriber-growth-in-q2-2024","status":"publish","type":"post","link":"https:\/\/michigandigitalnews.com\/index.php\/2024\/08\/08\/robinhood-hood-sees-record-revenues-and-subscriber-growth-in-q2-2024\/","title":{"rendered":"Robinhood (HOOD) Sees Record Revenues and Subscriber Growth in Q2 2024"},"content":{"rendered":"<p> [ad_1]<br \/>\n<\/p>\n<div>\n<figure class=\"figure mt-2\">&#13;<br \/>\n                                &#13;<\/p>\n<p>&#13;<br \/>\n                                    <a href=\"https:\/\/blockchain.news\/Profile\/Caroline-Bishop\">Caroline Bishop<\/a>&#13;<br \/>\n                                    <span class=\"publication-date ml-2\"> Aug 08, 2024 02:21<\/span>&#13;\n                                <\/p>\n<p>&#13;<\/p>\n<p class=\"lead\">Robinhood Markets, Inc. reported Q2 2024 financial results, showcasing record revenues, increased net deposits, and significant subscriber growth.<\/p>\n<p>&#13;<br \/>\n                                <a href=\"https:\/\/image.blockchain.news:443\/features\/FCAF30107F93017A469BDB76DCCE7D957DFC034943E2204CF5967AAF05B60663.jpg\">&#13;<br \/>\n                                    <img decoding=\"async\" class=\"rounded\" src=\"https:\/\/image.blockchain.news:443\/features\/FCAF30107F93017A469BDB76DCCE7D957DFC034943E2204CF5967AAF05B60663.jpg\" alt=\"Robinhood (HOOD) Sees Record Revenues and Subscriber Growth in Q2 2024\"\/>&#13;<br \/>\n                                <\/a>&#13;<br \/>\n                            <\/figure>\n<p>Robinhood Markets, Inc. (NASDAQ: HOOD) has released its financial results for the second quarter of 2024, marking a period of significant growth and record-breaking performance. The company reported record revenues of $682 million, a 40% year-over-year increase, and net income of $188 million, translating to a GAAP diluted EPS of $0.21, up from $0.03 in Q2 2023, according to <a rel=\"nofollow\" href=\"https:\/\/www.globenewswire.com\/news-release\/2024\/08\/07\/2926343\/0\/en\/Robinhood-Reports-Second-Quarter-2024-Results.html\">GlobeNewswire<\/a>.<\/p>\n<h2>Financial Highlights<\/h2>\n<p>Robinhood&#8217;s Q2 2024 financial results reflect robust growth across several key metrics:<\/p>\n<ul>&#13;<\/p>\n<li><strong>Total net revenues<\/strong> increased by 40% year-over-year to $682 million.<\/li>\n<p>&#13;<\/p>\n<li><strong>Transaction-based revenues<\/strong> surged by 69% year-over-year to $327 million, with options revenue at $182 million (up 43%), cryptocurrencies revenue at $81 million (up 161%), and equities revenue at $40 million (up 60%).<\/li>\n<p>&#13;<\/p>\n<li><strong>Net interest revenues<\/strong> rose by 22% year-over-year to $285 million, driven by growth in interest-earning assets and increased securities lending activity.<\/li>\n<p>&#13;<\/p>\n<li><strong>Other revenues<\/strong> grew by 19% year-over-year to $70 million, primarily due to increased Gold subscription revenues.<\/li>\n<p>&#13;<\/p>\n<li><strong>Net income<\/strong> reached $188 million, a significant increase from $25 million in Q2 2023.<\/li>\n<p>&#13;<\/p>\n<li><strong>Total operating expenses<\/strong> increased by 6% year-over-year to $493 million, mainly due to higher marketing and growth investments.<\/li>\n<p>&#13;<\/p>\n<li><strong>Adjusted EBITDA (non-GAAP)<\/strong> nearly doubled, increasing by 99% year-over-year to $301 million.<\/li>\n<p>&#13;\n<\/ul>\n<h2>Customer Growth and Engagement<\/h2>\n<p>The company&#8217;s user base also saw substantial growth:<\/p>\n<ul>&#13;<\/p>\n<li><strong>Funded Customers<\/strong> increased by 1 million year-over-year to 24.2 million.<\/li>\n<p>&#13;<\/p>\n<li><strong>Investment Accounts<\/strong> rose by 1.4 million year-over-year to 24.8 million.<\/li>\n<p>&#13;<\/p>\n<li><strong>Assets Under Custody (AUC)<\/strong> grew by 57% year-over-year to $139.7 billion, driven by continued Net Deposits and higher equity and cryptocurrency valuations.<\/li>\n<p>&#13;<\/p>\n<li><strong>Net Deposits<\/strong> were $13.2 billion, representing an annualized growth rate of 41% relative to AUC at the end of Q1 2024.<\/li>\n<p>&#13;<\/p>\n<li><strong>Average Revenue Per User (ARPU)<\/strong> increased by 35% year-over-year to $113.<\/li>\n<p>&#13;<\/p>\n<li><strong>Gold Subscribers<\/strong> surged by 61% year-over-year to 2 million.<\/li>\n<p>&#13;\n<\/ul>\n<h2>Strategic Initiatives and Product Development<\/h2>\n<p>Robinhood has been active in expanding its product offerings and strategic acquisitions:<\/p>\n<ul>&#13;<\/p>\n<li><strong>Robinhood Gold<\/strong> achieved a milestone of 2 million subscribers, accounting for over 8% of Funded Customers.<\/li>\n<p>&#13;<\/p>\n<li><strong>1% Transfer Bonus<\/strong> drove over $3 billion in asset transfers from April 30 to June 28, 2024.<\/li>\n<p>&#13;<\/p>\n<li><strong>Acquisitions<\/strong>: Robinhood agreed to acquire <a style=\"color:orange\" rel=\"nofollow noopener\" href=\"https:\/\/blockchain.news\/tag\/Bitstamp\" target=\"_blank\"><u><b><i><dfn data-info=\"Bitstamp is a leading cryptocurrency exchange known for its industry-leading security and commitment to transparency. All funds and crypto o...\">Bitstamp<\/dfn><\/i><\/b><\/u><\/a>, Ltd., a globally-scaled crypto exchange, and Pluto Capital Inc., an AI-powered investment research platform.<\/li>\n<p>&#13;<\/p>\n<li><strong>Margin Rates<\/strong>: In May, Robinhood introduced industry-leading margin rates, resulting in a 20% growth in margin balances, which reached $5 billion.<\/li>\n<p>&#13;<\/p>\n<li><strong>Share Repurchase Program<\/strong>: The Board of Directors authorized a $1 billion share repurchase program, expected to be executed over two to three years.<\/li>\n<p>&#13;\n<\/ul>\n<h2>Future Outlook<\/h2>\n<p>Looking ahead, Robinhood&#8217;s 2024 expense plan includes growth investments in new products, features, and international expansion. The company maintains its outlook for GAAP total operating expenses and Non-GAAP combined Adjusted Operating Expenses and SBC for full-year 2024 at $1.85 billion to $1.95 billion.<\/p>\n<p>Robinhood&#8217;s rapid growth and strategic initiatives underscore its commitment to enhancing customer value and expanding its market presence.<\/p>\n<p><span><i>Image source: Shutterstock<\/i><\/span><\/p>\n<p>                            <!-- Divider --><\/p>\n<p>                            <!-- Author info END --><br \/>\n                            <!-- Divider --><\/p><\/div>\n<p>[ad_2]<br \/>\n<br \/><a href=\"https:\/\/blockchain.news\/news\/robinhood-hoos-sees-record-revenues-subscriber-growth-q2-2024\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>[ad_1] &#13; &#13; &#13; Caroline Bishop&#13; Aug 08, 2024 02:21&#13; &#13; Robinhood Markets, Inc. reported Q2 2024 financial results, showcasing record revenues, increased net deposits,<\/p>\n","protected":false},"author":1,"featured_media":252313,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"footnotes":""},"categories":[171],"tags":[],"_links":{"self":[{"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/posts\/252312"}],"collection":[{"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/comments?post=252312"}],"version-history":[{"count":0,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/posts\/252312\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/media\/252313"}],"wp:attachment":[{"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/media?parent=252312"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/categories?post=252312"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/tags?post=252312"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}