Robinhood ( HOOD ) topped Wall Street expectations in the second quarter, but shares fell about 4% in after-hours trading, adding to their 3.1% drop during Wednesday’s session.
The online brokerage reported adjusted earnings per share of $0.62, well above analysts’ estimates of $0.43, while revenue rose 32% from a year earlier to a record $1.31 billion.
The results reflected strength across Robinhood’s expanding product range, even as crypto trading cooled. Crypto revenue fell 38% year over year to $100 million from $160 million, while trading revenue was lifted by rising options, equities and prediction market activity.
“Whether it’s Robinhood Chain, Robinhood Ventures or Trump Accounts, our product velocity is focused on one goal: to make everyone an owner,” Vlad Tenev, chairman and CEO of Robinhood, said in a statement.
The second quarter marked one of Robinhood’s biggest product pushes in recent years. The company launched Robinhood Chain, a blockchain network that supports tokenized US stocks for eligible European clients as part of its efforts to bring traditional financial assets onchain.
