The co-founder and chief executive officer of Robinhood Markets, Vlad Tenev, during the earnings report for the first quarter of 2023 to investors, said that over time, each company will be forced to integrate artificial intelligence-based tools into its business structure.
AI has also been mentioned more than 20 times in Meta, Microsoft, and Alphabet earnings reports for the first quarter of 2023.
Vlad Tenev says that historical experience shows that was always moving forward and creating differentiated value for companies of a technological profile. He noted that the concept of technology as a prerequisite for development in the near future will be replaced by the axiom of artificial intelligence as a key factor for successful progress. In the context of these arguments, Vlad Tenev said that each company will need to integrate artificial intelligence into its activities.
The Chief Executive Officer of Robinhood Markets is convinced that the impact of AI on business and other human activities will be extraordinary. It is possible that this company will create a new long-term business strategy with the help of artificial intelligence.
The latest financial results of this retail platform show an increase compared to the previous quarter and exceed the preliminary forecasts of Wall Street, but at the same time remain at a low level on the main indicators year-on-year. The firm reported that earnings per share decreased by 57 cents.
According to the results of the first quarter of this year, the company’s balance sheet losses increased by 30% and amounted to $511 million. The main reason for this result is one-time compensation expenses amounting to $485 million. The company’s revenue for the first quarter of 2023 was fixed at $441 million. This figure is 16% higher than the result for the last quarter of 2022.
The company predicts that by the end of fiscal year 2023, its operating expenses will be in the range of $2.35 billion to $2.9 billion. The firm also announced its intentions to start 24-hour trading of selected stocks and exchange-traded funds five days a week next week.
Jason Warnick, CFO of the platform, says that revenue has increased for four consecutive quarters, gradually moving to a more compact operating model. He also stated that the company has introduced new products and features that have significantly increased the level of customer satisfaction. Jason Warnick says that the firm is focused on client service, business development, and increasing long-term shareholder value.
Vlad Tenev stated that Robinhood is the most innovative trading platform on the market, and the introduction of advanced technologies has become the norm for it.
The monthly number of active users of the company over the last quarter increased by about 400 thousand people, amounting to 11.8 million.
As we have reported earlier, Robinhood Reaches $10.2 Million Settlement on March 2020 Platform Outage.