Robinhood Markets Inc. announced on Wednesday that its revenue in the fourth quarter of the fiscal year 2024 skyrocketed by 115% to reach $1.01 billion. In the entire year, the company's revenue hit $2.95 billion, increasing by 58% year-on-year. Robinhood scored a net income of $916 million, up by 3000% from the $30 million recorded in the fourth trimester of 2023. Meanwhile, its diluted earnings per share (EPS) hit $1.01, compared to the $0.03 seen in the same quarter last year.
"We hit the gas on product development in 2024 with a new platform for active traders, Gold Card launch, an expanded UK and EU product suite, and much more," Chief Executive Officer (CEO) Vlad Tenev commented. "We see a huge opportunity ahead of us as we work toward enabling anyone, anywhere, to buy, sell, or hold any financial asset and conduct any financial transaction through Robinhood."
Robinhood's Class A common stock jumped by 6.42% in after-hours trading following the release of the report.
