Robinhood Markets Reports Significant Growth in October 2024 Metrics

Robinhood Markets, Inc. (NASDAQ: HOOD) has released its operating data for October 2024, showcasing notable growth across several key metrics. The Menlo Park-based company reported a rise in funded customers and a significant increase in assets under custody, according to a recent announcement on GlobeNewswire.

Increase in Funded Customers and Assets

By the end of October, Robinhood's funded customers totaled 24.4 million, marking an increase of approximately 90,000 from September 2024 and over one million compared to the previous year. Assets Under Custody (AUC) reached $159.7 billion, reflecting a 5% increase from September and an impressive 89% year-over-year growth. Net deposits for October were recorded at $5.2 billion, translating to a 41% annualized growth rate from the previous month's AUC. Over the past twelve months, net deposits amounted to $43.2 billion, indicating a 51% annual growth rate relative to October 2023.

Trading Volume Surge

Robinhood's trading volumes also saw substantial growth. Equity notional trading volumes surged to $126.4 billion, up 48% from September and 149% year-over-year. Options contracts traded reached 158.0 million, increasing by 16% from the previous month and 64% year-over-year. Crypto notional trading volumes rose to $5.6 billion, marking a 51% increase from September and a 143% rise compared to October 2023.

Margin and Cash Sweep Balances

At the end of October, Robinhood's margin balances stood at $6.2 billion, representing a 13% increase from September and a 77% increase year-over-year. Total cash sweep balances reached $25.5 billion, up 4% from the prior month and 83% from the previous year. Total securities lending revenue for October was $19 million, up 6% from September and 73% year-over-year.

The reported data is preliminary and unaudited, based on Robinhood's estimates, and subject to change following the completion of financial closing procedures. The final results will be detailed in the company's quarterly and annual filings with the U.S. Securities and Exchange Commission (SEC).

Robinhood, known for pioneering commission-free stock trading, continues to expand its services, offering trades in stocks, options, commodities, and cryptocurrencies to a growing user base. The company remains committed to its mission of democratizing finance for all.