Robinhood Markets, Inc. (NASDAQ:HOOD) Q2 2023 Results Earnings Conference Call August 2, 2023 5:00 PM ET
Company Participants
Chris Koegel - Head of Investor Relations
Vlad Tenev - Chief Executive Officer and Co-Founder
Jason Warnick - Chief Financial Officer
Conference Call Participants
Devin Ryan - JMP Securities
Dan Dolev - Mizuho Securities
Steven Chubak - Wolfe Research
Michael Cyprys - Morgan Stanley
Ken Worthington - J.P. Morgan
Ben Budish - Barclays Capital
Craig Siegenthaler - Bank of America Securities
Operator
Good day and thank you for standing by. Welcome to Robinhood Second Quarter 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be question-and-answer session [Operator Instructions] Please be advised that today's conference is being recorded.
I would now like to hand the conference over to your speaker today, Chris Koegel, Head of Investor Relations. Please go ahead.
Chris Koegel
Thank you, Gigi. And thank you to everyone for joining Robinhood's Q2 earnings call. With us today are CEO and Co-Founder, Vlad Tenev, and CFO, Jason Warnick.
Before getting started, I want to remind you that today's call will contain forward-looking statements. Actual results could differ materially from our expectations, and we have no duty to provide updates unless legally required. Potential risk factors that could cause differences, including regulatory developments that we continue to monitor, are described in the press release we issued today, the earnings presentation on our Investor Relations website at investors.robinhood.com, our Form 10-Q filed May 10, 2023 and in our other SEC filings.
Today's discussion will also include non-GAAP financial measures. Reconciliations to the GAAP results we consider most comparable can be found in the earnings presentation.
With that, let me turn it over to Vlad.
Vlad Tenev
Thanks for the intro, Chris. And thanks to everyone for joining us today. Last week was the two year anniversary of our IPO and I'm excited to announce an important milestone today. In Q2, we reached GAAP profitability for the first time as a public company. I'm incredibly proud of our team for the resourcefulness and tenacity it took to ship innovative products, serve customers and manage expenses to reach this level.
Let me tell you more about our progress in Q2 starting with our business results. Customer assets under custody grew to $89 billion in Q2, up 13% from Q1, driven by higher equity valuations and continued net deposits. In July, customer assets continued to grow by several billion to over $90 billion.