Robinhood Reports 98% Increase in Q2 Crypto Trading Revenue

Robinhood (HOOD) reported a 98% year-over-year increase in second-quarter crypto trading revenue, reaching $160 million compared to $81 million last year. Key points include:

Adjusted earnings per share (EPS) of $0.42 exceeded the consensus estimate of $0.31.
Total revenue rose 45% to $989 million, surpassing analysts' expectations of $928.8 million.
Crypto trading volume hit $28.3 billion in the second quarter.
CEO Vlad Tenev emphasized strong business results and the launch of tokenization as significant innovations.
Robinhood shares have increased 177% this year, with a market value of $91 billion, approaching Coinbase’s (COIN) market cap.
Recent acquisitions include crypto exchange Bitstamp for $200 million and WonderFi for $179 million, enhancing its regulated presence in North America.
The company is expanding in Europe with tokenized stocks and ETFs.

Post-market trading showed little change for HOOD shares, while COIN shares were slightly positive.