Robinhood posted second-quarter revenue that beat Wall Street estimates, boosted by strength in cryptocurrency trading. Total net revenue climbed 45% from a year earlier to $989 million, the company said Wednesday in a statement. That topped the $921.5 million average estimate of analysts surveyed by Bloomberg. Net income more than doubled to $386 million, or 42 cents a share, also better than expected. Cryptocurrency revenue increased 98% to $160 million, just missing a sixth consecutive quarter of triple-digit growth. Analysts expected crypto revenue of $162.1 million.
Robinhood wants to go global and serve more than just retail customers, says CEO Vlad Tenev. Second-quarter earnings beat estimates and the company is now worth more than Intel. Tenev talks about expansion plans with Matt Miller and Sonali Basak on Bloomberg’s Open Interest. (Source: Bloomberg)
www.bloomberg.com
#Robinhood #Pushes #Retail #Trading
