Robinhood Markets Inc. announced on Tuesday that its revenue in the fourth quarter of the fiscal year 2023 observed an annual rise of 24% to reach $471 million. In the entire year, the company's revenue hit a record of $1.9 billion, increasing by 37% year-on-year. Robinhood scored a net income of $30 million, in contrast with a net loss of $166 million recorded in the fourth trimester of 2022. Meanwhile, its diluted earnings per share (EPS) hit $0.03, an improvement compared to the losses per share of $0.19 seen in the same quarter last year.
"2023 was a strong year as our product velocity continued to accelerate, our trading market share increased, and we started to expand globally," Chief Executive Officer (CEO) Vlad Tenev commented. "And we're off to an even better start in 2024, as we've already brought in more Funded Customers and Net Deposits through the first half of Q1 than we did in all of Q4 2023."
Robinhood's Class A common stock jumped by 7.77% in after-hours trading following the release of the report.
