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Robinhood stock drops after earnings beat as crypto revenue cools

Crypto revenue fell 38% year over year to $100 million even as total revenue reached a record $1.31 billion.

Reported · Written up by our desk · Market Structure

Robinhood posted a second-quarter earnings beat, but its shares fell about 4% in extended trading after crypto trading revenue cooled, according to CoinDesk. The brokerage reported adjusted earnings of $0.62 per share, ahead of analysts' $0.43 estimate, and record revenue of $1.31 billion.

CoinDesk reports that crypto revenue declined 38% year over year to $100 million, down from $160 million, even though transaction revenue was supported by stronger activity in options, equities, and prediction markets. Overall revenue rose 32% year over year, narrowly beating the $1.29 billion consensus forecast.

As part of the quarter, Robinhood accelerated its product rollout, including the launch of Robinhood Chain, which supports tokenized U.S. stocks for eligible customers in Europe. CoinDesk says activity on the network has grown since launch, with hundreds of millions of dollars in daily decentralized exchange volume and tokenized stocks such as GameStop, Nvidia, and SpaceX among the most traded real-world assets.

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