HOOD Stock Falls Below $90 Despite Robinhood Record Q2 Revenue

TLDR

• Robinhood reported record Q2 revenue of $1.31B, up 32% year over year.
• HOOD stock fell below $90 despite stronger-than-expected Q2 earnings.
• Crypto trading revenue dropped 38% to $100M during the second quarter.
• Prediction market revenue reached $156M, topping equity and crypto revenue.
• Robinhood Gold subscribers rose 39% year over year to 4.84M.

HOOD stock fell below $90 after Robinhood reported record second-quarter revenue, stronger earnings, and higher customer assets, while weaker crypto trading revenue weighed on investor sentiment.

Robinhood Beats Q2 Revenue and Earnings Estimates

Robinhood reported second-quarter revenue of $1.31 billion, up 32% from a year earlier. The figure came above analyst expectations of about $1.28 billion.

Diluted earnings reached $0.62 per share, compared with estimates near $0.44. Net income increased 48% year over year to $573 million.

Adjusted EBITDA rose 35% to $741 million. Robinhood also recorded $21.7 billion in net deposits during the quarter.

… Continue reading the full article at the original source below.