Q2 2024 Robinhood Markets Inc Earnings Call Transcript
Key Points
- Robinhood Markets Inc (HOOD) achieved a record $682 million in revenue for Q2 2024, representing a 40% year-over-year growth.
- Net deposits reached a new high of $13 billion, translating to a 41% annualized growth rate.
- Gold subscribers increased to 2 million, marking over 60% year-over-year growth.
- Adjusted EBITDA roughly doubled to $301 million, with margins expanding by 13 points to 44%.
- Assets under custody finished Q2 at a record $140 billion, up 57% year over year.
- Crypto revenues declined due to lower industry volumes, despite increases in equities and options.
- The company faced a significant outage in its 24-hour market due to third-party technology issues.
- Monthly active users showed volatility, largely driven by fluctuations in the crypto market.
- The company is still a distant fifth in market share for margin trading, despite recent improvements.
- Expenses related to employee bonuses and recent acquisitions increased, impacting overall costs.
Thank you for standing by, and welcome to Robinhood's second-quarter 2024 earnings conference call. (Operator Instructions)
I would now like to hand the call over to Chris Koegel, VP of Corporate FP&A and Investor Relations. Please go ahead.
Thank you, Latif, and thank you to everyone for joining Robinhood's Q2 earnings call. With us today are CEO and Co-Founder, Vlad Tenev; and CFO, Jason Warnick.
Before getting started, I just want to remind you that today's call will contain forward-looking statements. Actual results could differ materially from our expectations, and we have no duty to provide updates unless legally required. Potential risk factors that could cause differences, including regulatory developments that we continue to monitor, are described in the press release we issued today, the earnings presentation, and our SEC filings, all of which can be found at investors.robinhood.com.
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