Robinhood Shines in Q2 Earnings Despite Crypto Revenue Slump
Robinhood's second-quarter earnings have revealed a mixed bag of results. The online brokerage reported record revenue and earnings, but a significant decline in cryptocurrency transaction revenue.
The company's revenue increased by 32% year over year to $1.31 billion, while its net income rose 48% to $573 million. However, cryptocurrency transaction revenue fell by 38% from the same period last year, dropping to $100 million.
Despite this decline, Robinhood continued to expand its digital asset business during the quarter. The company launched the public mainnet of Robinhood Chain, introduced tokenized US stocks to eligible users in over 120 countries, and debuted its first decentralized lending product, Robinhood Earn.
The acquisition of Canadian crypto platform WonderFi was also completed, with plans to expand crypto offerings in the UK. Additionally, nearly 100,000 customer accounts are now enrolled in Agentic Trading, representing more than $100 million in assets under custody.
Robinhood shares were down 3.15% ahead of the earnings release, according to Yahoo Finance data.