Robinhood Markets, Inc. reported robust financial results for the second quarter, achieving $989 million in total revenue. This figure represents a significant 45% increase compared to the same period last year, surpassing analyst expectations.
While overall sales surged, revenue generated specifically from cryptocurrency trading on the platform declined sequentially. Crypto trading revenue fell to $160 million for the quarter, marking a 36.5% drop from the previous quarter. However, even the decreased crypto revenue reflected substantial year-over-year growth of 98%.
This overall revenue strength was primarily driven by substantial performances in other trading segments. Options trading revenue reached $265 million, while equities trading contributed $66 million during the quarter, both showing significant growth.
Demonstrating its commitment to expanding its digital assets presence, Robinhood highlighted ongoing strategic initiatives. These include pursuing the previously announced acquisitions of cryptocurrency exchange Bitstamp and Canadian crypto platform WonderFi. The company also confirmed the development of an Ethereum layer-2 scaling network.
Further diversifying its offerings, Robinhood disclosed the introduction of new products targeting European markets, specifically stock tokens and perpetual futures, as part of its broader international strategy.