jack anderson
November 11, 2024 21:06
Robinhood Markets, Inc. (NASDAQ: HOOD) released its October 2024 operating data, revealing significant increases in funded customers, assets under custody, and trading volume across various segments.
Robinhood Markets, Inc. (NASDAQ: HOOD) released its October 2024 operating data, showing notable growth across several key metrics. The Menlo Park-based company reported an increase in funded clients and a significant increase in assets under management, according to a recent announcement from GlobeNewswire.
Increase in funding customers and assets
By the end of October, Robinhood had a total of 24.4 million funded customers, up about 90,000 from September 2024 and more than 1 million more than the previous year. Assets under management (AUC) hit $159.7 billion, up 5% from September and reflecting an impressive 89% year-over-year growth. Net deposits in October were $5.2 billion, an annual increase of 41% compared to the previous month’s AUC. Net deposits over the past 12 months were $43.2 billion, recording an average annual growth rate of 51% compared to October 2023.
Trading volume surges
Robinhood also saw a significant increase in trading volume. Nominal stock trading volume was $126.4 billion, up 48% from September and 149% from the previous year. There were 158 million options contracts traded, up 16% month over month and up 64% year over year. Cryptocurrency nominal trading volume increased to $5.6 billion, up 51% from September and 143% from October 2023.
Margin and Cash Carryover Balance
Robinhood’s margin balance at the end of October was $6.2 billion, up 13% from September and 77% from the previous year. Total cash sweep balances were $25.5 billion, up 4% month over month and up 83% year over year. Total securities lending revenue in October was $19 million, up 6% from September and 73% year over year.
The data reported is preliminary and unaudited based on Robinhood’s estimates and is subject to change after the financial close process is completed. The final results will be detailed in the company’s quarterly and annual reports filed with the Securities and Exchange Commission (SEC).
Known for pioneering commission-free stock trading, Robinhood continues to expand its services by offering stocks, options, commodities and cryptocurrency trading to its growing user base. The company continues its mission to democratize finance for everyone.
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