Robinhood Markets, Inc. (NASDAQ:HOOD) Q2 2024 Earnings Conference Call August 7, 2024 5:00 PM ET

Company Participants

Chris Koegel - VP, Corporate FP&A and IR
Vlad Tenev - CEO and Co-Founder
Jason Warnick - CFO

Conference Call Participants

Dan Dolev - Mizuho
Steven Chubak - Wolfe Research
Craig Siegenthaler - Bank of America
Devin Ryan - Citizens JMP
Patrick Moley - Piper Sandler
Kyle Voigt - KBW
Mike Cyprys - Morgan Stanley
John Todaro - Needham & Company
Chris Allen - Citi
Matthew O'Neill - FT Partners
Ken Worthington - JPMorgan
Benjamin Budish - Barclays

Operator

Thank you for standing by and welcome to Robinhood Second Quarter 2024 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker presentation, it will be a question-and-answer session. [Operator Instructions]

I would now like to hand the call over to Chris Koegel, VP of Corporate FP&A and Investor Relations. Please, go ahead.

Chris Koegel

Thank you, Lateef, 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 just 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, and our SEC filings, all of which can be found at investors.robinhood.com.

Today's discussion will also include non-GAAP financial measures. Reconciliation 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, Chris. Hi, everyone. Let me start with the three things Robinhood is focused on. Number 1, winning the active trader market. Number 2, increasing wallet share with our customers. And number 3, expanding internationally. We are making progress across all three of these. And in Q2, we delivered another quarter of strong outcomes and several financial records. More specifically, our retail trading market share continued to increase, leading to year-over-year growth in equity option and crypto volumes.

Net deposits were a new record of $13 billion in the quarter, translating to a 41% annualized growth rate. With $11 billion in Q1, we've already exceeded our long-term annual target of 20% plus, and we're only halfway through the year. Gold subscribers reached a record 2 million, which is over 60% year-over-year growth, and now over 8% of funded customers are gold members. And these results, combined with continued expense discipline, drove 40% year-over-year revenue growth to a record $682 million as well as record EPS of $0.21.