Robinhood’s Post

Name: Robinhood on LinkedIn: Robinhood Markets, Inc. just announced its financial results for the… | 20 comments
Uploaded: 2024-08-07T20:09:16.607Z
Channel: Robinhood

Robinhood

269,995 followers

2mo Edited

Robinhood Markets, Inc. just announced its financial results for the second quarter of 2024. Find our full performance and listen to our earnings call today at 5 PM ET at investors.robinhood.com. Here are the highlights from Vlad. In addition to the Gold Card entity disclaimer, please note that some limitations or conditions may apply. You must have Robinhood Financial brokerage account to redeem cash back. See rewards program terms for details: https://lnkd.in/gvMcGvcx

20 Comments

Transcript

Hi, everyone. Vlad here, CEO and cofounder of Robin Hood Markets. We just released our Q 2/20/24 earnings results and here's a few highlights from the strong quarter. First, financial results. In Q2, we had record total net revenues of 682,000,000. This is up 40% year over year and we set a record for gap diluted EPS with 21 cents. Second, our strategy is resonating with customers and it's driving great business results. We increased our market share of retail trading yet again leading to year over year growth in equity, option and crypto volumes. Net deposits, they were record at over 13 billion including net positive transfers from every major incumbent brokerage firm. And in May, we introduced the lowest margin rates available in the industry for our active traders. Since then, margin balances grew to 5 billion in Q2, the highest we've seen in two years. And 3rd, we continue to add value to Robin Hood. Gold, which reached a record 2,000,000 subscribers or 1% unlimited deposit boost for Gold customers, also went live in Q2 and we started rolling out the Gold credit card, which offers 3% cash back across the board. So far, it's gotten incredible feedback from customers in the App Store. It has a 5.0 rating with over 7005 star reviews. We have a lot more to share, so check out our press release and earnings call at investors.robinhood.com. We're excited about the momentum we've built in Q2 and we're just getting started. Thank you.

Seongbae Park

2mo

Congratulations for the great results. And especially kudos for the trading platform team for keeping the service up through the market volatility, in contrast to Schwab, Fidelity, and Vanguard who all had some trouble.

5 Reactions

allen bank

retired

1mo

Robinhood has terrible customer service. Been trying to have a problem solved for 4 months to no avail. Emailed the ceo and got no response. Your money is not safe with Robinhood.

👨💻 Joseph Hirschi

I build ML, talk tech, invest, and grow startups

2mo

It was a huge beat for the quarter, showing some really strong fundamentals.

Falgun Patel

Network Support Engineer

2mo

Oxool https://t.me/BigBullTraderBot

Piotr Maciaszek

Operations and People Management || AI enthusiast || Retail investor and trader

2mo

Outstanding performance yet again! Congrats! Are you guys planning an expansion into the Polish market anytime soon? I would immedietly move all my funds into your trading platform if I only could

Alan Duarte

CEO & Co-Fundador at Duarte Capital

2mo

When will we be able to apply directly in Brazil? Are you not interested in entering the Brazilian market as offshore investments are growing?

Bhushan Jain

Sr. Machine Learning & Data Science Engineer @ Adobe |Carnegie Mellon - SCS alum | Former Engg @ Overstock.com

2mo

amazing result

Alexander Meves

Dermatologist at Mayo Clinic

2mo

Impressive growth!

Daniel Grabianowski, Esq.

Commercial Transactions Attorney

2mo

Fantastic update!

Charles Lehnertz

C3-Innovations- Logistics Division Lead

2mo

Great quater!

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