Revenue more than doubled for Robinhood in the second quarter of the year. Robinhood, on its first earning report after its Wall Street debut, reported revenues more than doubled in the second quarter to $ 565 million (+ 131%), supported by a massive increase in cryptocurrency trading.
The trading app reported cryptocurrency trading revenue of $ 233 million, more than half of all transaction-based revenue of $ 451 million for the second quarter. The share of revenue from cryptocurrencies thus rose to over 51% from 17% in the first quarter. Options trading contributed 165 million to transaction-based revenues last quarter.
In the pre-market the stock today marks over -8% in the $ 45.6 area.
To disappoint investors is prudent guidance. Robinhood management expects less trading activity across the industry in the third quarter and this will translate into lower revenues.