Robinhood Reports 161% Surge in Crypto Revenue for Q2

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As a seasoned crypto investor with years of experience under my belt, I must admit that Robinhood’s Q2 financial results left me somewhat divided. On one hand, their impressive 161% increase in cryptocurrency transaction revenues and the growth in monthly active users to 11.8 million is certainly hard to ignore. The acquisition of Bitstamp last year seems to be paying off, albeit gradually.

In the second quarter of 2024, Robinhood Markets, Inc. reported outstanding financial performance. The firm saw a remarkable jump of 161% in earnings from cryptocurrency transactions, totaling approximately $81 million. This figure nearly doubled their equities revenue for the same timeframe.

In summary, Robinhood’s quarterly earnings jumped by 40% from the previous year, amounting to approximately $682 million. Notably, options trading remained the primary income generator, contributing a substantial $327 million to the total.

In the past year, there was a significant increase of 137% in the exchange of digital assets, amounting to approximately $21.5 billion. However, this number falls short compared to the impressive $36 billion traded during the initial quarter of 2024.

Robinhood Markets, Inc. has disclosed their fiscal report for the second quarter of 2024. You can review the entirety of our performance and join our earnings discussion today at 5 PM ET by tuning in at this link:

Here are some key points from @vladtenev’s analysis:

— Robinhood (@RobinhoodApp) August 7, 2024

A significant factor behind this development was Robinhood purchasing Bitstamp, a cryptocurrency exchange, back in June of the previous year. While this acquisition may bring benefits to Robinhood in terms of expanding its international licenses, it remains uncertain just how immediate an effect it will have.

Moreover, monthly active users grew to 9%, bumping up Robinhood’s user base to a grand total of 11.8 million. At the same time, the company’s net worth skyrocketed by an impressive 652% to reach $188 million. The earnings per share also climbed significantly to 0.21. To add to these accomplishments, the subscription service for Robinhood Gold saw a staggering growth of approximately 61%, amassing a total of two million subscribers.

Despite the impressive figures reported, Robinhood’s stock dipped slightly by 0.52% during extended trading hours, ending at $17.12.

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2024-08-08 03:32