Robinhood Markets reverses losses and makes a profit of US$30 million in the 4th quarter

North American financial services company, Robinhood Markets reported a net profit of US$30 million in the fourth quarter of 2023, compared to a net loss of US$166 in the same period of 2022. The result corresponds to earnings per share (EPS) of US$ $0.03, to the surprise of analysts interviewed by FactSet, whose consensus predicted a loss per share of $0.01.

Robinhood's revenue was US$471 million in the period. A year earlier, Robinhood had a quarterly loss per share of $0.19.

Revenue was US$471 million in the fourth quarter of 2023, an increase of 24% compared to revenue of US$380 million in the same period of 2022.

For the full year 2023, Robinhood posted a net loss of $541 million, or $0.61 per share, compared to 2022's net loss of $1.03 billion, or $1.00 per share. 17 per share. Annual revenue rose 37% to $1.87 billion.

Commenting on the results in a press release, CEO and co-founder Vlad Tenev highlighted the acceleration in the speed at which it launches products, the increase in market share and the beginning of global expansion.

The balance sheet was released on Tuesday, after the financial market closed. This Wednesday, Robinhood shares jumped more than 10% in New York.