Robinhood Surges Amid Equities Growth, Crypto Trading Dips

Roger McNamee wasn't available for comment, but Robinhood's quarterly results exceeded Wall Street expectations. The brokerage reported $1.31 billion in total net revenue, a 32% increase from the same quarter last year. Diluted earnings per share rose 48% to $0.62 from $0.42 a year earlier.

The company attributed its record second-quarter revenue and earnings to growth in equities, options, and event contracts, which offset weaker cryptocurrency activity. Transaction-based revenue increased 44% to $776 million as equity trading volume jumped 85% to $956 billion.

However, crypto trading revenue declined by 38% to $100 million due to a 35% drop in the trading volume through the Robinhood app and lower activity from Bitstamp. Net interest revenue increased 9% to $389 million as growth in interest-earning assets offset lower short-term rates.