Robinhood Sees Record Q2 Revenue as Prediction-Market Sales Soar

Robinhood's second-quarter revenue has reached new heights, thanks to a sharp growth in its prediction-market business centered on event contracts. The company posted $1.31 billion in net revenue for the quarter, a 32% increase from the same period last year.

The growth was led by event-contract revenue, which surged more than 10-fold to reach $156 million. This was significantly higher than transaction-based revenue, which climbed 44% to $776 million, or cryptocurrency trading revenue, which fell 38% to $100 million.

Net income increased 48% to $573 million, while diluted earnings per share were 62 cents. Net deposits hit a record $21.7 billion in the second quarter.