Robinhood (Nasdaq: HOOD) plans to launch brokerage operations in the UK and crypto buying and selling operations within the European Union, the American dealer revealed because it launched its financials for the third quarter of 2023. At present, its crypto brokerage companies are solely obtainable in the US.
Whereas the dealer is planning for enlargement, its transaction-based income, between July and September, decreased 11 p.c year-over-year to $185 million. The income from choices stays unchanged at $124 million; nonetheless, income from equities and cryptocurrencies dropped 13 p.c and 55 p.c, respectively. From cryptocurrencies, the dealer solely generated $23 million. Within the earlier quarter, cryptocurrencies introduced $31 million in income, a downtick of 26 p.c.
“Trying forward, we stay centered on offering industry-leading merchandise that serve much more of shoppers’ monetary wants, gaining market share, increasing internationally, and persevering with to alter the {industry} for the higher,” stated Vlad Tenev, the CEO and Co-Founding father of Robinhood Markets.
In the meantime, the full internet income of the dealer got here in at $467 million, a rise of 29 p.c year-over-year however declined 4 p.c quarter-over-quarter. The yearly push was as a consequence of “increased internet curiosity and different revenues, partially offset by decrease transaction-based revenues.”
Certainly, the web curiosity income of the trade rocketed 96 p.c year-over-year to $251 million.
The dealer managed to cut back its working bills by 1 p.c to $580 million. It ended the quarter with a internet lack of $85 million, narrowing down from a lack of $175 million in Q3 2022. Nevertheless, the dealer turned a revenue of $25 million within the second quarter of the continuing 12 months.
Response of the Market
Though the American dealer posted its financials post-market, its traders reacted strongly within the after-hours buying and selling. Shares of the corporate closed Tuesday, gaining 1.7 p.c; nonetheless, it slipped 8.3 p.c in after-hours buying and selling, affected by the outcomes.
Motion of Robinhood shares since Tuesday morning
Consumer Metrics
The official outcomes printed by the California-headquartered dealer revealed that the variety of its internet cumulative funded accounts elevated 360,000 year-on-year to achieve 23.3 million.
The general property below custody on the brokerage platform noticed a yearly escalation of 34 p.c to $87 billion. Whereas at $10.2 billion, crypto property held on behalf of shoppers improved about 9 p.c year-over-year, it declined 11 p.c quarter-over-quarter.
“With rising market share of retail buying and selling and elevated buyer adoption… we’re excited to see momentum constructing,” stated Jason Warnick, Chief Monetary Officer of Robinhood Markets. “As we proceed to develop revenues and keep lean on bills, we’re centered on delivering sturdy working leverage over time to drive shareholder worth.”
Robinhood (Nasdaq: HOOD) plans to launch brokerage operations in the UK and crypto buying and selling operations within the European Union, the American dealer revealed because it launched its financials for the third quarter of 2023. At present, its crypto brokerage companies are solely obtainable in the US.
Whereas the dealer is planning for enlargement, its transaction-based income, between July and September, decreased 11 p.c year-over-year to $185 million. The income from choices stays unchanged at $124 million; nonetheless, income from equities and cryptocurrencies dropped 13 p.c and 55 p.c, respectively. From cryptocurrencies, the dealer solely generated $23 million. Within the earlier quarter, cryptocurrencies introduced $31 million in income, a downtick of 26 p.c.
“Trying forward, we stay centered on offering industry-leading merchandise that serve much more of shoppers’ monetary wants, gaining market share, increasing internationally, and persevering with to alter the {industry} for the higher,” stated Vlad Tenev, the CEO and Co-Founding father of Robinhood Markets.
In the meantime, the full internet income of the dealer got here in at $467 million, a rise of 29 p.c year-over-year however declined 4 p.c quarter-over-quarter. The yearly push was as a consequence of “increased internet curiosity and different revenues, partially offset by decrease transaction-based revenues.”
Certainly, the web curiosity income of the trade rocketed 96 p.c year-over-year to $251 million.
The dealer managed to cut back its working bills by 1 p.c to $580 million. It ended the quarter with a internet lack of $85 million, narrowing down from a lack of $175 million in Q3 2022. Nevertheless, the dealer turned a revenue of $25 million within the second quarter of the continuing 12 months.
Response of the Market
Though the American dealer posted its financials post-market, its traders reacted strongly within the after-hours buying and selling. Shares of the corporate closed Tuesday, gaining 1.7 p.c; nonetheless, it slipped 8.3 p.c in after-hours buying and selling, affected by the outcomes.
Motion of Robinhood shares since Tuesday morning
Consumer Metrics
The official outcomes printed by the California-headquartered dealer revealed that the variety of its internet cumulative funded accounts elevated 360,000 year-on-year to achieve 23.3 million.
The general property below custody on the brokerage platform noticed a yearly escalation of 34 p.c to $87 billion. Whereas at $10.2 billion, crypto property held on behalf of shoppers improved about 9 p.c year-over-year, it declined 11 p.c quarter-over-quarter.
“With rising market share of retail buying and selling and elevated buyer adoption… we’re excited to see momentum constructing,” stated Jason Warnick, Chief Monetary Officer of Robinhood Markets. “As we proceed to develop revenues and keep lean on bills, we’re centered on delivering sturdy working leverage over time to drive shareholder worth.”
