Rohanhood Profit Soars 48% as Crypto and Trading Activity Lifts Revenue

Rohanhood Markets Inc., the owner of the popular trading app Robinhood, reported a significant surge in second-quarter profit. The company's net income climbed to $573 million, or 62 cents per share, for the three months ended June 30, up from $386 million, or 42 cents per share, a year earlier.

The jump in profit was driven by heightened market volatility and increased trading activity across equities and cryptocurrencies. Revenue reached $1.31 billion, beating the average analyst estimate of $1.28 billion and surpassing the $989 million recorded in the same quarter last year.

Rohanhood's Chief Executive Officer Vlad Tenev said that the company's focus is on making everyone an owner, and that broad ownership is essential to a free, stable, and prosperous society.