- Investment firm Robinhood has released its financial report for the fourth quarter of 2023.
- Between October and December, the company’s revenue grew 24% year-over-year to $471 million in 2022.
- The platform’s annual revenue totaled $1.9 billion.
Investment firm Robinhood reported fourth-quarter and full-year 2023 revenue. The firm’s net income from October through December inclusive totaled $471 million and came in above expert forecasts. It was up 24% compared to the fourth quarter of 2022, the platform said.
Robinhood’s revenues based on cryptocurrency transactions amounted to $43 million. Overall, revenue from transfers grew 8% year-on-year to $200 million in 2022.
According to the latest data, the firm’s depository assets increased to $102.6 billion, up 65% from 2022. The company also reported a 4% decline in users to 10.9 million.
“We achieved significant revenue growth in 2023. We achieved record annualized revenue and significantly higher profitability, and we had positive GAAP net income in the fourth quarter. In 2024, we are committed to continuing to deliver profitable growth as we work to maximize earnings,” said Robinhood CFO Jason Warnick.
The report said Robinhood’s platform added 11 spot bitcoin-ETFs immediately after their regulatory approval. The company has also started expansion in the UK and EU to expand its customer base outside the US.
On the back of the positive data, Robinhood’s shares rose 13% on the stock market, according to Yahoo Finance. At the time of publication, they are trading at $11.85:
Recall that in November, the volume of cryptocurrency trading on the Robinhood platform increased by 75%. In the same month, Ark Invest bought $9.5 million worth of the company’s shares.
