Robinhood Crushes Q2 Earnings But Crypto Revenue Takes a Hit

Robinhood posted record second-quarter revenue and earnings, but saw its cryptocurrency transaction revenue slide by 38% compared to last year.

The online brokerage reported a 32% increase in revenue year over year, reaching $1.31 billion, while net income rose 48% to $573 million.

Crypto transaction revenue fell to $100 million from about $160 million a year earlier, despite the company recording $40 billion in crypto trading volume during the quarter.