Robinhood Markets, Inc. (NASDAQ:HOOD) Q3 2024 Earnings Conference Call October 30, 2024 5:00 PM ET
Company Participants
Chris Koegel - VP of Corporate, FP&A and IR
Vlad Tenev - CEO and Co-Founder
Jason Warnick - CFO
Conference Call Participants
Craig Siegenthaler - Bank of America Merrill Lynch
Dan Dolev - Mizuho
Patrick Moley - Piper Sandler
Brian Bedell - Deutsche Bank
Devin Ryan - Citizen JMP
Benjamin Budish - Barclays
John Todaro - Needham and Company
Steven Chubak - Wolfe Advisor
Andrew Stein - FT Partners
Operator
Thank you for standing by. My name is Catherine and I will be your conference operator today. At this time, I would like to welcome everyone to the Robinhood Third Quarter 2024 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. [Operator Instructions] Thank you.
I will now like to turn the call over to Chris Koegel, Vice President of Corporate, FP&A and Investor Relations. Please go ahead.
Chris Koegel
Thank you, Catherine, and thank you to everyone for joining Robinhood's Q3 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, and our SEC filings, all of which can be found at investors.robinhood.com.
Today's discussion will also include non-GAAP financial measures. Reconciliations to the GAAP measures 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 by reiterating Robinhood's three areas of focus. Number one, winning the active trader market. Number two, increasing wallet share with our customers. And number three, expanding internationally.
In Q3, we continue to make progress on all of these fronts. In fact, our results after the first three quarters of the year have already broken through a number of full-year records. And we have another quarter in front of us to take these results even higher.
Just to share a few examples. First, Q3 net deposits were $10 billion or more for the third straight quarter as we continue to increase wallet share. This brings us to $34 billion year-to-date, above our 2020 record of $31 billion, and also takes our customer assets under custody to a record high of $152 billion.