Summary by Moomoo AI
Robinhood, the financial services company, reported a significant improvement in its financial performance for the first quarter of 2024 compared to the same period in 2023. Total net revenues surged by 40% to $618 million, while net income reached $157 million, a stark contrast to the net loss of $511 million in the previous year. Diluted earnings per share (EPS) were $0.18, compared to a diluted loss per share of -$0.57. Operating expenses saw a substantial decrease of 52% to $460 million. Adjusted EBITDA, a non-GAAP financial measure, doubled to $247 million, marking a 115% increase. The company's user base grew modestly, with Funded Customers increasing by 3% to 23.9 million and Investment Accounts rising by 1.1 million to 24.4 million. Assets Under Custody (AUC) experienced a 65% jump to $129.6 billion, primarily due to higher...Show More