Robinhood Markets reported record quarterly revenue of $618 million for the first quarter of 2024, a 40% increase on the same period a year earlier, as a recovery in cryptocurrency markets drove trading activity above levels seen in 2023. The company also posted record GAAP net income of $157 million for the quarter.
Cryptocurrency revenue reached $126 million in the quarter, a 232% rise year-on-year. Transaction-based revenues rose 59% to $329 million.
GOLD SUBSCRIBERS AND NET DEPOSITS
Robinhood's premium subscription tier, Gold, hit a record 1.7 million subscribers during the quarter, a 42% increase year-on-year. Gold provides customers with features including higher interest on uninvested cash, larger instant deposits, professional research and lower margin rates for a monthly fee.
Net deposits into the platform reached $11.2 billion in the quarter, growing at a 44% annualised rate.
24 HOUR MARKET
The company's 24 Hour Market, which allows customers to trade a selection of securities outside standard exchange hours, recorded its highest ever overnight trading volumes during the first quarter.