Robinhood Q1 Earnings Highlights: Revenue Beat, EPS Beat, Over 1 Million On Gold Credit Card Waitlist
Portfolio Pulse from Chris Katje
Robinhood Markets (NASDAQ:HOOD) reported Q1 financial results with a revenue of $618 million, up 40% year-over-year, surpassing the consensus estimate of $548.6 million. EPS was 18 cents, beating the estimate of 5 cents. Transaction-based revenue increased by 59% to $329 million, with significant growth in cryptocurrency, options, and equities revenue. The company saw record net deposits of $11.2 billion and a 42% increase in Gold subscribers to 1.7 million. Over 1 million customers joined the waitlist for the Robinhood Gold Credit Card. Funded customers and investment accounts also saw increases, with monthly active users up 16% to 13.7 million. The company expects adjusted operating expenses and stock-based compensation to be between $1.85 billion and $1.95 billion for the full year.
May 08, 2024 | 8:28 pm
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POSITIVE IMPACT
Robinhood reported a significant Q1 earnings beat with a 40% increase in revenue and a substantial rise in EPS. The company also saw a record number of net deposits and Gold subscribers, alongside strong interest in its new Gold Credit Card.
The positive earnings report, with revenue and EPS exceeding expectations, along with the growth in Gold subscribers and the high interest in the Gold Credit Card, are likely to boost investor confidence and drive short-term positive momentum in HOOD's stock price. The increase in funded customers and monthly active users further supports the company's growth trajectory, making the news highly relevant and important for investors.
CONFIDENCE 90
IMPORTANCE 95
RELEVANCE 100