Robinhood Markets Inc. announced on Wednesday that its revenue in the third quarter of the fiscal year 2024 saw an annual growth of 36% to come in at $637 million, the second-highest three-month figure in the company's history. It reported a net income of $150 million, improving from the net loss of $85 million noted year-on-year. The firm's diluted earnings per share (EPS) reached $0.17, unlike losses per share of $0.09 recorded in the same trimester the year before.
"In the past month, we introduced Robinhood Legend, our new desktop offering, and announced index options, futures, and a realized profit and loss tool are coming soon. And just this week, we launched our Presidential Election Market. We have a ton of momentum, and we're just getting started," Chief Executive Officer (CEO) Vlad Tenev commented.
Following the release of the report, as the revenue missed expectations, Robinhood's shares slumped by 12.62% in after-hours trading.