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Robinhood | 8-K: Robinhood Reports Fourth Quarter and Full Year 2023 Results

SEC announcement ·  Feb 13 16:15
Summary by Moomoo AI
On February 13, 2024, Robinhood Markets, Inc. released its financial results for the fourth quarter and the full year of 2023. The company reported record revenues of $1.9 billion for the year, marking a 37% increase from the previous year, with $471 million generated in the fourth quarter alone. Net positive transfers from major brokerage competitors contributed to strong net deposits of $4.6 billion in Q4. The quarter also saw a GAAP net income of $30 million, or $0.03 per share, and an Adjusted EBITDA of $133 million. CEO Vlad Tenev highlighted the year's strong performance, noting accelerated product velocity, increased trading market share, and global expansion efforts. CFO Jason Warnick emphasized the significant profitable growth, with record full-year revenues and higher margins. For Q4, total net revenues increased by...Show More
On February 13, 2024, Robinhood Markets, Inc. released its financial results for the fourth quarter and the full year of 2023. The company reported record revenues of $1.9 billion for the year, marking a 37% increase from the previous year, with $471 million generated in the fourth quarter alone. Net positive transfers from major brokerage competitors contributed to strong net deposits of $4.6 billion in Q4. The quarter also saw a GAAP net income of $30 million, or $0.03 per share, and an Adjusted EBITDA of $133 million. CEO Vlad Tenev highlighted the year's strong performance, noting accelerated product velocity, increased trading market share, and global expansion efforts. CFO Jason Warnick emphasized the significant profitable growth, with record full-year revenues and higher margins. For Q4, total net revenues increased by 24% year-over-year, driven by higher net interest, transaction-based, and other revenues. The company also reported a year-over-year increase in net income to $30 million, compared to a net loss of $166 million in Q4 2022. Operating expenses decreased by 17% year-over-year to $445 million. Funded Customers grew by 420 thousand to 23.4 million, and Assets Under Custody increased by 65% to $102.6 billion. The company's cash and cash equivalents totaled $4.8 billion at the end of the year. The full-year results showed a net loss improvement of $487 million year-over-year to $541 million. Robinhood also provided a financial outlook for 2024, expecting both GAAP total operating expenses and Non-GAAP combined Adjusted Operating Expenses and SBC to be in the range of $1.85 billion to $1.95 billion.

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