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Investing.com -- Robinhood Markets Inc (NASDAQ:HOOD) shares rose 2.8% in after-hours trading Wednesday following second-quarter results that sharply beat Wall Street expectations on both profit and revenue. The strong performance reflected robust growth in crypto and options trading, as well as continued expansion of the firm’s active customer base.
The Menlo Park-based brokerage reported diluted earnings per share of $0.42, doubling from the prior year and surpassing analysts’ forecasts of $0.30. Total (EPA:TTEF) net revenue surged 45% year-over-year to $989 million, handily beating the $908.32 million consensus estimate.
Transaction-based revenue jumped 65% to $539 million, driven by a 98% rise in cryptocurrency trading and a 46% increase in options revenue. Net deposits reached $13.8 billion for the quarter, with total platform assets nearly doubling to $279 billion amid heightened trading activity and valuation gains.
“We delivered strong business results in Q2 driven by relentless product velocity, and we launched tokenization—which I believe is the biggest innovation our industry has seen in the past decade,” said Vlad Tenev, Robinhood’s CEO. CFO Jason Warnick added, “Q2 was another great quarter as we drove market share gains, closed the acquisition of Bitstamp and remained disciplined on expenses.”
The company also reported 26.5 million funded customers, up 10% from a year ago, and 3.5 million Robinhood Gold subscribers, a 76% annual increase. Notably, average revenue per user rose 34% to $151, and retirement assets under custody exceeded $20 billion following a 50% increase since January.
Robinhood has continued to diversify beyond trading into financial advisory and crypto services, including the rollout of Robinhood Strategies, now managing over $500 million for 100,000 clients. The acquisition of Bitstamp in June and the planned purchase of Canada’s WonderFi highlight the firm’s move to deepen its crypto and international footprint.
The quarterly gains, driven by a combination of user growth, product innovation, and operational leverage, resonated with investors looking for sustainable expansion.