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Robinhood Q2 Crypto Business Revenue Reaches $160 Million, Slightly Below Expectations
BlockBeats News, July 31st, according to Bloomberg, Robinhood Markets Inc. announced that its second-quarter revenue exceeded Wall Street expectations, benefiting from the strong growth of its cryptocurrency trading business.
The company stated in a press release on Wednesday that total net revenue for the quarter grew by 45% year-on-year to $989 million, surpassing Bloomberg's surveyed analysts' average expectation of $9.215 billion. Net profit also exceeded expectations, more than doubling to reach $386 million.
Cryptocurrency-related revenue increased by 98% to $160 million, slightly below the goal of achieving triple-digit growth for the sixth consecutive quarter. Analysts had previously expected cryptocurrency revenue to be $162.1 million.
In June of this year, Robinhood quickly attracted regulatory attention in Europe after offering "tokenized" stocks to 150,000 customers across 30 countries, representing company stocks in cryptocurrency form.
Robinhood CEO Vlad Tenev stated in the press release: "Tokenization is the most important innovation in our industry in the past decade."
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