According to BlockBeats news on July 31, Robinhood Markets Inc. reported second-quarter revenue that exceeded Wall Street expectations, thanks to strong growth in its cryptocurrency trading business.
The company stated in a release on Wednesday that total net revenue for the quarter grew by 45% year-over-year to $989 million, exceeding the average analyst expectation of $921.5 million as reported by Bloomberg. Net profit also surpassed expectations, more than doubling to $386 million.
Revenue related to cryptocurrencies grew by 98% to $160 million, just shy of the target 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—company shares in cryptocurrency form—to 150,000 customers across 30 countries.
Robinhood CEO Vlad Tenev stated in a statement: 'Tokenization is the most important innovation in our industry over the past decade.'