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.

Image
source:
Shutterstock