Home›Crypto›Market Structure›Robinhood revenue jumps on prediction markets and opti…

Robinhood revenue jumps on prediction markets and options in Q2

Crypto revenue fell 38% year-over-year to $100 million as event contracts surpassed $156 million, driving Robinhood’s fastest-growing revenue line.

Reported · Written up by our desk · Market Structure

Robinhood posted record second-quarter revenue of $1.31 billion, up 32% year-over-year and above Wall Street’s estimate of $1.26 billion, according to Decrypt. The company said the mix of its revenue shifted toward event contracts in its prediction markets business and away from crypto trading. Event contracts generated $156 million, up more than 10x year-over-year, while options revenue rose 29% to $342 million and equities revenue increased 95% to $129 million. By contrast, crypto revenue declined 38% year-over-year to $100 million, and Robinhood noted that crypto trading revenue and volumes fell from the prior quarter. Crypto notional trading volume totaled $40 billion for the quarter, including $18 billion on Robinhood’s own app and $22 billion through Bitstamp. Robinhood also reported net income of $573 million, or $0.62 per share, versus $386 million, or $0.42 per share, a year earlier. Platform assets grew to $369 billion from $307 billion, quarterly net deposits rose to $21.7 billion from $17.7 billion, and Robinhood Gold subscribers increased to 4.8 million from 4.3 million, Decrypt reported.

Latest closeGold $4,157.80 ▲0.4%

More like this

Sources