Robinhood Stock Slips After Record Q2 Revenue

Riding a massive rally this year, Robinhood's share price slipped despite reporting record second-quarter revenue of $1.3 billion.

The company's strong results were driven by surging trading activity across equities, options, and cryptocurrencies, with crypto transaction revenue more than doubling year over year to $776 million.

However, investors appeared to take profits after the stock's remarkable run, as Robinhood shares fell 3.15% to close at $89.84.

The muted market reaction suggests that much of the optimism surrounding Robinhood's rapid expansion into crypto had already been priced into the stock.