Robinhood Markets Inc. announced on Wednesday its net revenue for the second quarter of its fiscal year 2023 increased by 53% to $486 million.
For the three months through June 30, the company's net income was $25 million, or $0.03 per share, versus a net loss of $295 million in the second quarter of 2022. Robinhood reported a loss of 1.0 million monthly active users (MAU), down to 10.8 million. In addition, transaction-based revenues declined 7% sequentially, with declines in options, cryptocurrencies, and equities for a total of $193 million in losses.
"With five consecutive quarters of revenue and Adjusted EBITDA growth, we’re continuing to drive efficiency across our operations while investing in customer experience. Looking ahead, we remain focused on delivering for customers and growing our business," Jason Warnick, Chief Financial Officer of Robinhood Markets, commented.
Following the report's release, Robinhood's shares advanced by 1.77% in after-hours trading at 4:08 pm ET. However, its shares slumped as much as 8.12% after some minutes.
