Robinhood Markets, Inc. has announced impressive financial results for the second quarter of 2024. The company achieved a 161% increase in cryptocurrency transaction revenues, reaching $81 million, nearly doubling its equities revenue for the same period.
Overall, Robinhood’s revenue for Q2 increased by 40% compared to last year, totaling $682 million. Options trading continued to be the biggest revenue source, bringing in $327 million.
Trading in digital assets also grew by 137%, reaching $21.5 billion, which is less than the $36 billion seen in the first quarter of 2024.
One thing that made this possible is Robinhood’s acquisition of Bitstamp, a crypto exchange in June last year. Although this acquisition is expected to benefit Robinhood in the future as it broadens its global licenses; it is unclear how much impact it will have right away.
In addition, monthly active users rose to 9% bringing Robinhood to a total of 11.8 million, while the company’s net worth surged by 652% to $188 million. Its earnings per share also increased to 0.21. Furthermore, the Robinhood Gold subscription service experienced a growth rate of around 61%, totaling two million subscribers.
However, even after such strong performance figures were released, Robinhood’s stock fell slightly by 0.52% in after-hours trading, closing at $17.12.
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