Robinhood’s Q2 results: a ray of light at the end of its dark start to the year

<img width="250" height="167" src="https://www.leaprate.com/wp-content/uploads/2023/08/FIN-LP-Robinhoods-Q2-results-a-ray-of-light-4923626640-iStock-1213075067-250×167.jpg" class="webfeedsFeaturedVisual wp-post-image" alt="FIN-LP- Robinhood’s Q2 results a ray of light" decoding="async" style="float: left; margin-right: 5px;" link_thumbnail="" srcset="https://www.leaprate.com/wp-content/uploads/2023/08/FIN-LP-Robinhoods-Q2-results-a-ray-of-light-4923626640-iStock-1213075067-250×167.jpg 250w, https://www.leaprate.com/wp-content/uploads/2023/08/FIN-LP-Robinhoods-Q2-results-a-ray-of-light-4923626640-iStock-1213075067-700×467.jpg 700w, https://www.leaprate.com/wp-content/uploads/2023/08/FIN-LP-Robinhoods-Q2-results-a-ray-of-light-4923626640-iStock-1213075067-768×512.jpg 768w, https://www.leaprate.com/wp-content/uploads/2023/08/FIN-LP-Robinhoods-Q2-results-a-ray-of-light-4923626640-iStock-1213075067-120×80.jpg 120w, https://www.leaprate.com/wp-content/uploads/2023/08/FIN-LP-Robinhoods-Q2-results-a-ray-of-light-4923626640-iStock-1213075067-245×163.jpg 245w, https://www.leaprate.com/wp-content/uploads/2023/08/FIN-LP-Robinhoods-Q2-results-a-ray-of-light-4923626640-iStock-1213075067-500×333.jpg 500w, https://www.leaprate.com/wp-content/uploads/2023/08/FIN-LP-Robinhoods-Q2-results-a-ray-of-light-4923626640-iStock-1213075067.jpg 1254w" sizes="(max-width: 250px) 100vw, 250px" /><p>GAAP earnings per share came in at $0.03 as opposed to the analyst forecast of an estimated $0.02 loss. Similarly, Robinhood’s reported revenue of $486m, a sequential 10% increase, was more than the $472m estimation. The company attributed this rise to higher proxy and net interest revenues, partially offset by decreased transaction-based revenues.</p>
<p>However, the platform sported only 10.8m active users as opposed to the predicted 11.7m. CEO and co-founder of <a href="https://www.leaprate.com/forex/brokers/ftx-exploring-acquisition-of-robinhood-markets/" target="_blank" rel="noopener">Robinhood Markets</a>, Vlad Tenev, commented:</p>
<blockquote><p>In Q2, we reached a significant milestone by achieving GAAP profitability for the first time as a public company. Guided by our bold product roadmap we’re continuing to innovate for our customers, grow assets, gain market share, and change the industry for the better.</p></blockquote>
<div><img aria-describedby="caption-attachment-450074" decoding="async" class="wp-image-450074" src="https://www.leaprate.com/wp-content/uploads/2023/08/FIN-LP-Robinhoods-Q2-results-a-ray-of-light-4923626640-Jason-Warnick-airbase-700×700.webp" alt="Robinhood’s Q2 results: a ray of light at the end of its dark start to the year" width="98" height="98" srcset="https://www.leaprate.com/wp-content/uploads/2023/08/FIN-LP-Robinhoods-Q2-results-a-ray-of-light-4923626640-Jason-Warnick-airbase-700×700.webp 700w, https://www.leaprate.com/wp-content/uploads/2023/08/FIN-LP-Robinhoods-Q2-results-a-ray-of-light-4923626640-Jason-Warnick-airbase-250×250.webp 250w, https://www.leaprate.com/wp-content/uploads/2023/08/FIN-LP-Robinhoods-Q2-results-a-ray-of-light-4923626640-Jason-Warnick-airbase-150×150.webp 150w, https://www.leaprate.com/wp-content/uploads/2023/08/FIN-LP-Robinhoods-Q2-results-a-ray-of-light-4923626640-Jason-Warnick-airbase-768×768.webp 768w, https://www.leaprate.com/wp-content/uploads/2023/08/FIN-LP-Robinhoods-Q2-results-a-ray-of-light-4923626640-Jason-Warnick-airbase-120×120.webp 120w, https://www.leaprate.com/wp-content/uploads/2023/08/FIN-LP-Robinhoods-Q2-results-a-ray-of-light-4923626640-Jason-Warnick-airbase-245×245.webp 245w, https://www.leaprate.com/wp-content/uploads/2023/08/FIN-LP-Robinhoods-Q2-results-a-ray-of-light-4923626640-Jason-Warnick-airbase-500×500.webp 500w, https://www.leaprate.com/wp-content/uploads/2023/08/FIN-LP-Robinhoods-Q2-results-a-ray-of-light-4923626640-Jason-Warnick-airbase.webp 1200w" sizes="(max-width: 98px) 100vw, 98px" /><p>Jason Warnick Source: airbase</p></div>
<p>Jason Warnick, CFO of Robinhood, backed this positive upsurge and said:</p>
<blockquote><p>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.</p></blockquote>
<p>The company’s new offerings include a 5-day-a-week, 24-hour market that all customers can access to invest in select stocks and ETFs.</p>
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