Robinhood Markets Reports Strong Growth in May 2024 Operating Data
Robinhood Markets, Inc. (NASDAQ: HOOD) has shared its operating data for May 2024, demonstrating substantial growth in various key performance indicators. The fintech platform has witnessed a remarkable expansion in its customer base, assets under custody, trading volumes, and revenue generation. Below, you will find a detailed breakdown of Robinhood’s operational highlights for the month of May 2024.
Customer and Asset Growth 📈
Here is an overview of the notable growth in customer and asset metrics for Robinhood Markets in May 2024:
- 24.1 million funded customers by the end of May
- Approximately 120,000 new customers compared to April 2024
- 960,000 increase year-over-year
- Assets Under Custody (AUC) reached $135.0 billion
- 9% growth from April 2024
- 65% rise year-over-year
- Net deposits in May totaled $3.6 billion
- 35% annualized growth rate relative to April 2024 AUC
- $29.4 billion net deposits over the past twelve months
Trading Volumes and Revenue 💰
The trading volumes and revenue figures for Robinhood in May 2024 are as follows:
- Equity notional trading volumes at $86.8 billion
- 23% increase from April 2024
- 76% rise year-over-year
- Options trading with 131.9 million contracts traded
- 4% growth from the previous month
- 35% increase from the same period last year
- Crypto notional trading volumes declined to $7.1 billion
- 30% drop from April
- 238% increase year-over-year
- Securities lending revenue at $23 million, up 10% from April
- Margin balances at $4.5 billion, a 10% increase from April
- Total cash sweep balances grew to $20.3 billion
Additional Metrics 📊
Other key performance indicators for Robinhood Markets in May 2024 include:
- Daily average revenue trades (DARTs) for equities standing at 2.0 million
- 11% increase from April
- 33% rise year-over-year
- Stable options DARTs at 0.8 million
- Crypto DARTs decreased to 0.3 million
- 25% drop from April
- 50% increase year-over-year
- Margin book closed at $4.5 billion
- 10% increase from April
- 45% rise year-over-year
- Total cash sweep balance saw a 6% increase from April, reaching $20.3 billion
Unaudited and Preliminary Data 📝
It is essential to acknowledge that the information provided in this release is unaudited and preliminary, based on Robinhood’s estimates. Final results for the most recent fiscal quarter may differ from the data presented as they are subject to the completion of financial closing procedures.
Robinhood Markets, Inc. remains committed to its mission of democratizing finance for all, offering users the opportunity to invest without account minimums through Robinhood Financial LLC and trade cryptocurrencies through Robinhood Crypto, LLC.
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Hot Take 🔥
As a crypto enthusiast, staying informed about the latest financial data and trends is crucial. The growth and performance metrics reported by Robinhood Markets in May 2024 showcase a thriving ecosystem in the fintech and trading industry. Keep a close eye on these developments as they can potentially impact the broader financial landscape and your investment strategies.
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