Robinhood (Nasdaq: HOOD) welcomes Jeff Pinner as Chief Technology Officer.
Robinhood says they are pleased to announce that Jeff Pinner has now officially “joined Robinhood as Chief Technology Officer (CTO).”
Jeff is said to be “a deeply respected innovator who will help us accelerate their product roadmap, scale our infrastructure, enhance customer experiences, and drive operational efficiencies.”
Jeff Pinner said:
“Robinhood is an engineering company at the forefront of so many pivotal transformations in financial services, including leveraging state of the art AI, I’m excited to work alongside the exceptional engineering talent here at Robinhood.”
Vlad Tenev, CEO and Co-Founder of Robinhood, said:
“Great engineering is critical to our ability to build cutting-edge financial products at Robinhood, which is why we’re excited to welcome Jeff as CTO. Jeff’s experience in infrastructure and AI will help drive engineering excellence so we can deliver innovative services for our customers.”
Jeff has held key roles at leading tech companies, “leveraging his deep technical knowledge to transform the way businesses operate.”
Jeff joins Robinhood from Cruise where he was “a distinguished engineer.” Prior to Cruise, Jeff spent almost a decade at Lyft where he “helped scale their engineering infrastructure, grow their rideshare service, lead their marketplace organization, and most recently, served as Lyft’s CTO.”
Notably, Robinhood Markets, Inc. recently reported financial results for the quarter ended June 30, 2024.
Vlad Tenev, CEO and Co-Founder of Robinhood:
“This quarter, we kept up the pace with rapid product launches and a relentless drive to provide top value for our customers. With Robinhood Gold reaching 2 million subscribers, we’re witnessing the flywheel accelerate.”
Jason Warnick, Chief Financial Officer of Robinhood:
“I’m encouraged by the progress we’re making as a business. In Q2, we set new quarterly records for revenues and earnings per share as we continue to focus on delivering another year of profitable growth.”
Second Quarter Results:
- Total net revenues increased 40% year-over-year to $682 million.
- Transaction-based revenues increased 69% year-over-year to $327 million, primarily driven by options revenue of $182 million, up 43%, cryptocurrencies revenue of $81 million, up 161%, and equities revenue of $40 million, up 60%.
- Net interest revenues increased 22% year-over-year to $285 million, driven by growth in interest-earning assets, increased securities lending activity, and higher short-term interest rates.
- Other revenues increased 19% year-over-year to $70 million, primarily due to increased Gold subscription revenues.
- Net income increased year-over-year to $188 million, or diluted earnings per share (EPS) of $0.21, compared to $25 million, or diluted EPS of $0.03, in Q2 2023.
- Total operating expenses increased 6% year-over-year to $493 million, primarily due to increased marketing and growth investments.
- Adjusted Operating Expenses (non-GAAP) increased 14% year-over-year to $407 million.
- Share-Based Compensation (SBC) decreased 21% year-over-year to $86 million.
