Robinhood Shares Slide Despite Beating Q2 Earnings Expectations
Robinhood's shares fell by about 4% in after-hours trading despite the company beating Wall Street's second-quarter earnings expectations. The online brokerage reported adjusted earnings per share of $0.62, well ahead of analysts' $0.43 estimate.
The revenue climbed 32% from a year earlier to a record $1.31 billion, narrowly topping the $1.29 billion consensus forecast.
The results reflected strength across Robinhood's expanding product lineup, even as crypto trading cooled. Crypto revenue fell 38% year over year to $100 million from $160 million.
Robinhood Chairman and CEO Vlad Tenev said in a statement that the company's focus is on making everyone an owner through its products such as the Robinhood Chain, a blockchain network that supports tokenized U.S. stocks for eligible European customers.