Robinhood (HOOD) reported a 98% year-over-year-over-year-over in Crypto Trading revenue from the second quarter, while easy to beat Wall Street’s earnings estimates as the company’s crypto ambitions and international expansion began to take shape.
The popular trading platform announced net revenue of $ 160 million for crypto, up from $ 81 million in the same period last year. Adjusted earnings per Total revenue rose 45% to $ 989 million, which also beat the analysts’ estimate of $ 928.8 million, according to Factset data.
The company experienced $ 28.3 billion in the crypto trading volume in the second quarter.
“We delivered strong business results in the 2nd quarter driven by relentless product speed, and we launched tokenization – which I think is the biggest innovation that our industry has seen in the last decade,” said Vlad Tenev, chairman and CEO of Robinhood.
Shares of Robinhood (Hood) have collected 177% so far this year, the biggest jump of any American tech stock. The rally has pushed its market value to $ 91 billion, just shy for coinbases (coin) market hood. Coinbase is set to report earnings on Thursday, with analysts expecting $ 1.59 billion in revenue and earnings of $ 1.25 per year. Stock.
Robinhood’s strong quarter reflects more than just market inauguration. In June, the company bought Crypto Exchange Bitstamp for $ 200 million and followed up with a acquisition of Wonderfi, a Canadian crypto platform of $ 179 million. The buyers help Robinhood expand its regulated footprint over North America.
The company also plants efforts in Europe. It recently began to offer tokenized versions of stocks and ETFs that had investors buy fractions of traditional financial assets on blockchain.
Shares of Hood are mostly unchanged in trade after the market, while coin shares were a bit positive.
