Summary by Moomoo AI
Robinhood, a leading financial services company, has reported a significant improvement in its financial performance for the year ended December 31, 2023. The company's total net revenues surged by 37% to $1.87 billion from $1.36 billion in the previous year. Despite this revenue growth, Robinhood incurred a net loss of $0.54 billion, which is an improvement from the $1.03 billion net loss reported in the prior year. The net loss per share also improved to -$0.61 from -$1.17. Operating expenses saw a marginal increase of 1% to $2.40 billion. The company's Adjusted EBITDA turned positive at $536 million, a significant recovery from the negative $94 million in the previous year. Robinhood's customer base grew modestly with Funded Customers increasing by 2% to 23.4 million. Assets Under Custody (AUC) experienced a substantial rise...Show More