Robinhood's Q2 Earnings Beat Estimates, But Shares Plummet

Robinhood's (NASDAQ:HOOD) shares dropped by 3.3% in after-hours trading despite posting solid quarterly earnings that surpassed Wall Street estimates.

The company reported a record-breaking revenue of $1.308 billion, up 32% from the same period last year, with diluted earnings per share coming in at $0.62.

Event-contract revenue accounted for approximately $146 million of the $237 million increase in transaction revenue, surpassing cryptocurrency revenue by $56 million.

The number of funded customers rose to 28.4 million, while platform assets hit a record high of $369 billion, with net deposits totaling $21.7 billion during the quarter.