Robinhood Crushes Q2 Earnings with Record Revenue

Robinhood reported its best quarter ever on Wednesday, with net revenue reaching $1.31 billion, up 32% from last year.

The company's diluted earnings per share (EPS) came in at $0.62, beating expectations of $0.41, and net income hit a record high of $573 million, up 48% from the same period last year.

Robinhood's total platform assets climbed to $369 billion, with net deposits setting a new record near $21.7 billion.

The company's prediction market business saw significant growth, with event contracts generating $156 million, up more than tenfold from last year.

Crypto revenue, however, fell 38% from $160 million a year ago, as retail trading volumes cooled down.