The broker generated a net revenue of $471 million and a net income of $30 million in three months.
Its crypto revenue jumped 10 percent, while equities increased 19 percent.
Robinhood Markets (Nasdaq: HOOD) generated a total net revenue of $471 million in the fourth quarter of 2023, an increase of 24 percent year-over-year. The figure beat the market estimate of $457 million, which resulted in a surge of the brokerage’s shares in after-hours trading.
Between October and December, Robinhood generated a net income of $30 million, translating to $0.03 earnings per share. It pivoted from a loss of $85 million in Q3 2023 and a loss of $166 million in the corresponding quarter of the previous year.
Revenue Received a Boost
As announced yesterday (Tuesday), Robinhood's revenue received a boost due to higher net interest, transaction-based, and other revenue sources. Its net interest income for the three month period jumped 4 percent to $236 million.
Further, the transaction-based revenue of the brokerage improved 8 percent to $200 million. Robinhood highlighted that while options trading remains its revenue driver with $121 million, 2 percent lower, cryptocurrency revenue significantly elevated 10 percent to $43 million. Equities revenue on the platform also escalated 19 percent to $25 million.
The platform generated $35 million in revenue, an uplift of 30 percent, from other sources, including Gold subscriptions and Sherwood Media.
“2023 was a strong year as our product velocity continued to accelerate, our trading market share increased, and we started to expand globally,” Vlad Tenev, the CEO and Co-Founder of Robinhood, said.
Investors reacted quickly to the results of Robinhood as the publicly traded share price of the company moved by more than 10 percent in the after-hours trading session.
Strong Customer Metrics
Robinhood's customer metrics significantly gained in the last quarter of 2023. The number of funded customers on the platform leaped 420 thousand year-over-year to 23.4 million. However, the monthly active users declined 4 percent to 10.9 million.
Furthermore, the assets under custody surged 65 percent to $102.6 billion. The net deposits on the platform also touched $4.6 billion, growing at an annualized rate of 21 percent. The average revenue per user saw an uplift of 23 percent to $81.
“We're off to an even better start in 2024, as we've already brought in more Funded Customers and Net Deposits through the first half of Q1 than we did in all of Q4 2023,” Tenev added.
Robinhood Markets (Nasdaq: HOOD) generated a total net revenue of $471 million in the fourth quarter of 2023, an increase of 24 percent year-over-year. The figure beat the market estimate of $457 million, which resulted in a surge of the brokerage’s shares in after-hours trading.
Between October and December, Robinhood generated a net income of $30 million, translating to $0.03 earnings per share. It pivoted from a loss of $85 million in Q3 2023 and a loss of $166 million in the corresponding quarter of the previous year.
Revenue Received a Boost
As announced yesterday (Tuesday), Robinhood's revenue received a boost due to higher net interest, transaction-based, and other revenue sources. Its net interest income for the three month period jumped 4 percent to $236 million.
Further, the transaction-based revenue of the brokerage improved 8 percent to $200 million. Robinhood highlighted that while options trading remains its revenue driver with $121 million, 2 percent lower, cryptocurrency revenue significantly elevated 10 percent to $43 million. Equities revenue on the platform also escalated 19 percent to $25 million.
The platform generated $35 million in revenue, an uplift of 30 percent, from other sources, including Gold subscriptions and Sherwood Media.
“2023 was a strong year as our product velocity continued to accelerate, our trading market share increased, and we started to expand globally,” Vlad Tenev, the CEO and Co-Founder of Robinhood, said.
Investors reacted quickly to the results of Robinhood as the publicly traded share price of the company moved by more than 10 percent in the after-hours trading session.
Strong Customer Metrics
Robinhood's customer metrics significantly gained in the last quarter of 2023. The number of funded customers on the platform leaped 420 thousand year-over-year to 23.4 million. However, the monthly active users declined 4 percent to 10.9 million.
Furthermore, the assets under custody surged 65 percent to $102.6 billion. The net deposits on the platform also touched $4.6 billion, growing at an annualized rate of 21 percent. The average revenue per user saw an uplift of 23 percent to $81.
“We're off to an even better start in 2024, as we've already brought in more Funded Customers and Net Deposits through the first half of Q1 than we did in all of Q4 2023,” Tenev added.
Arnab is an electronics engineer-turned-financial editor. He entered the industry covering the cryptocurrency market for Finance Magnates and later expanded his reach to forex as well. He is passionate about the changing regulatory landscape on financial markets and keenly follows the disruptions in the industry with new-age technologies.
Three Months after Settlement with CySEC, Fintailor Investments Renounces License
Hannelé De Necker, CEO, IFX Brokers | FMAS:24
Hannelé De Necker, CEO, IFX Brokers | FMAS:24
1 week to go until FMAS:24 kicks off and we couldn't skip our interviews with some of this year's sponsors 🤩 Starting off strong with Hannelé De Necker, CEO OF IFX Brokers.
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1 week to go until FMAS:24 kicks off and we couldn't skip our interviews with some of this year's sponsors 🤩 Starting off strong with Hannelé De Necker, CEO OF IFX Brokers.
See you there!
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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FMAS:24 | Sneak Peak
FMAS:24 | Sneak Peak
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa