As of September 30, 2024, Robinhood Markets, Inc. reported significant financial growth compared to the previous fiscal period. Total current assets surged to $42,605 million, up from $31,790 million at the end of 2023, while total assets increased from $32,332 million to $43,245 million. Stockholders’ equity also rose from $6,696 million to $7,208 million during the same period.
In terms of revenue, Robinhood experienced a notable increase in transaction-based revenues, which rose from $185 million in Q3 2023 to $319 million in Q3 2024, marking a 72% increase. For the nine months ending September 30, transaction-based revenues reached $975 million, up from $585 million. Total net revenues for Q3 2024 were $637 million, a 36% increase from $467 million in Q3 2023, while net revenues for the nine-month period increased from $1,394 million to $1,937 million.
The company reported a net income of $150 million for Q3 2024, a significant turnaround from a net loss of $85 million in Q3 2023. For the nine months ended September 30, net income was $495 million, compared to a loss of $571 million in the prior year. This improvement was attributed to a reduction in total operating expenses, which decreased from $540 million in Q3 2023 to $486 million in Q3 2024, and from $1,956 million to $1,439 million for the nine-month period.
Strategically, Robinhood completed the acquisition of MNA Holdco LLC and Marex North America LLC for approximately $3 million in January 2024 and announced plans to acquire Bitstamp for about $200 million in June 2024. The company also repurchased 5 million shares of Class A common stock for $97 million during Q3 2024 as part of a $1 billion share repurchase program initiated in May 2024.
The company’s cash flow from operating activities saw a substantial increase, rising from $221 million in the nine months ended September 30, 2023, to $1,243 million in the same period of 2024. This was primarily driven by the increase in net income and changes in operating assets and liabilities.
Overall, Robinhood's financial performance in Q3 2024 reflects a strong recovery and growth trajectory, supported by increased trading volumes and strategic acquisitions, while also managing to reduce operating expenses significantly.
About Robinhood Markets, Inc.
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