Robinhood Q1 rev $441M (+16% seq); net loss $511M; launches 24hr trading; guides FY op ex lower

Robinhood Markets, Inc.

2023-Q1 EPS reported -$0.57 revenue$441,000,000

Total net revenues $441M, up 16% sequentially; transaction rev $207M (options $133M, equities $27M), net interest $208M.
Net loss $511M (EPS -$0.57) vs Q4 loss $166M (-$0.19); includes $485M one-time SBC charge from 2021 Founders Award Cancellation.
Adjusted EBITDA $115M, up 40% sequentially; AUC $78B (+26%), net deposits $4.4B (29% annualized growth rate).
FY 2023 GAAP op ex guidance improved to $2.345B-$2.485B (down $30M from prior outlook); SBC guided $925M-$1.005B.
Launched 24 Hour Market for individual stocks; applied for Futures Commission Merchant license; UK brokerage on track for year-end.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Robinhood Markets, Inc. reported first quarter of 2023 (quarter ended March 31, 2023) results: revenue $441 million, net income -$511 million, EPS -$0.57.

Period: first quarter of 2023 (quarter ended March 31, 2023)
Revenue: $441 million
Net income: -$511 million
EPS: -$0.57
Result: reported results

Exact text from the filing

First Quarter Results: • Total net revenues increased 16% sequentially to $441 million. • Transaction-based revenues increased 11% sequentially to $207 million. ◦ Options increased 7% to $133 million. ◦ Cryptocurrencies decreased 1% to $38 million. ◦ Equities increased 29% to $27 million. • Net interest revenue increased 25% sequentially to $208 million, driven by growth in interest earning assets, increased securities lending activity, and higher short-term interest rates. • Net loss was $511 million, or earnings per share (EPS) of -$0.57, compared with net loss of $166 million, or EPS of -$0.19, in Q4 2022, a sequential decrease of $345 million or $0.38 per share .

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Source: SEC EDGAR

accession 0001783879-23-000116

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