Robinhood posts first GAAP net income of $25M in Q2 2023; revenue up 10% sequentially

Robinhood Markets, Inc.

2023-Q2 EPS reported -$0.54 revenue$927,000,000

GAAP net income $25M ($0.03 EPS) vs net loss of $511M in Q1; first profitable quarter as public company.
Total net revenues $486M, up 10% sequentially; net interest revenue $234M (+13%), transaction-based revenues $193M (-7%).
Adjusted EBITDA $151M (31% margin), up 31% sequentially; ARPU rose to $84 from $77.
AUC reached $89B (+13% sequentially); net deposits $4.1B; MAU fell to 10.8M from 11.8M.
Acquired X1 (no-fee credit card) in July; full-year GAAP op-ex outlook improved to $2.33-2.41B.

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 second quarter of 2023 results: revenue $486 million, net income $25 million, EPS $0.03. Guidance lowered.

Period: second quarter of 2023
Revenue: $486 million
Net income: $25 million
EPS: $0.03
Guidance: lowered
Result: reported results

Exact text from the filing

Second Quarter Results: • Total net revenues increased 10% sequentially to $486 million, primarily due to seasonally higher proxy revenue and higher net interest revenues, partially offset by lower transaction-based revenues. • Transaction-based revenues decreased 7% sequentially to $193 million. ◦ Options decreased 5% to $127 million. ◦ Cryptocurrencies decreased 18% to $31 million. ◦ Equities decreased 7% to $25 million. • Net interest revenue increased 13% sequentially to $234 million, driven by growth in interest earning assets, higher short term interest rates, and increased securities lending activity . • Net income was $25 million , or earnings per share (EPS) of $0.03, compared with a net loss of $511 million, or EPS of -$0.57, in Q1 2023.

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Source: SEC EDGAR

accession 0001783879-23-000173

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