Robinhood’s stock fell 4% following the release of its second-quarter financial results, which showed a sharp decline in crypto trading revenue. The popular trading platform reported crypto revenue of $100 million, down 38% compared to previous quarters.
Despite the drop in crypto income, Robinhood posted record total revenue of $1.31 billion for Q2. Earnings per share rose by 48% to $0.62, surpassing analyst expectations of around $0.41, driven by growth in other business areas. The platform also saw net deposits soar to $21.7 billion and a 7% increase in funded customers, reaching 28.4 million users.
The decline in crypto revenue highlights the market’s cooling enthusiasm for digital assets amid regulatory scrutiny and fluctuating prices. Robinhood’s overall strong performance comes as it seeks to diversify beyond crypto and solidify its place in the broader retail investing landscape.
