Analysis of Robinhood's Q4'22 Earnings

Robinhood net revenue grew +5.3% QoQ and +4.8% YoY. Transaction revenue fell 10.6% from $208mm to $186mm. 

CEO Vlad Tenev opened the discussion by addressing the continued roadmap forward and commitment to reaching EBITDA profitable by Q4'22 which they achieved a quarter early. Last year Robinhood delivered their Cash Card, securities lending product, Robinhood Retirement and their non-custodial crypto wallet. After canceling nearly half a billion in founder stock-based compensation, operating costs should decline by $50mm per quarter starting in Q2'23. Finally, the firm will be repurchasing the shares that SBF's entity acquired last May.