2024

DeFi

Planet

<div class="intro-text"> 
 Retail investing and trading platform Robinhood has<a style="color: #0000ff;" href="https://investors.robinhood.com/news/news-details/2024/Robinhood-Reports-Second-Quarter-2024-Results/default.aspx"> announced</a> its financial results for the second quarter of 2024, and cryptocurrency trading played a significant role in the company’s impressive performance. 
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Robinhood reported a 40% year-over-year surge in total net revenues, reaching $682 million. Transaction-based revenues led the charge, increasing 69% to $327 million, fueled by strong growth in options (85%), cryptocurrencies (161%), and equities. 
Cryptocurrency trading revenues specifically grew an exceptional 161% to $81 million, contributing significantly to Robinhood’s overall results. 
The company’s net income jumped to $188 million ($0.21 per share), up from $25 million ($0.03 per share) a year earlier. Its Adjusted EBITDA nearly doubled to $301 million. 
Robinhood also reported significant increases in customer metrics, with funded customers growing by 1 million to 24.2 million and investment accounts rising by 1.4 million to 24.8 million. Assets under custody (AUC) climbed 57% to $139.7 billion. 
Robinhood’s CEO, Vlad Tenev, highlighted the company’s continued momentum, stating, 
<blockquote>
 “This quarter, we maintained our rapid pace with innovative product launches and a relentless focus on delivering top value for our customers.”
</blockquote> 
CFO Jason Warnick echoed this sentiment: 
<blockquote>
 “We set new records for revenues and earnings per share, underscoring our commitment to profitable growth.”
</blockquote> 
Robinhood’s crypto-driven performance comes as the<a style="color: #0000ff;" href="https://defi-planet.com/2024/06/robinhood-acquires-bitstamp-for-200-million-to-expand-global-crypto-services/"> company agreed to a $200 million acquisition of European crypto exchange Bitstamp</a>. This move, announced in June 2024, aims to expand the retail investing platform’s cryptocurrency services and grow its presence outside the US, enabling access to EU, UK, and Asian financial markets. The acquisition deal is expected to be finalized in the first half of 2025. 
Meanwhile, Robinhood<a style="color: #0000ff;" href="https://twitter.com/AskRobinhood/status/1820600734259519577?t=-YL4gBAh-7sUGUM3Jm-V4Q&amp;s=19"> temporarily halted its overnight trading services</a> earlier this week due to technical issues with its execution venue, Blue Ocean ATS. The platform attributed the disruption to problems with the third-party firm managing its 24/7 trading operations. 
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The post <a href="https://defi-planet.com/2024/08/crypto-drives-robinhoods-40-revenue-growth-in-q2-2024/">Crypto Drives Robinhood’s 40% Revenue Growth in Q2 2024</a> appeared first on <a href="https://defi-planet.com">DeFi Planet</a>.

Crypto Drives Robinhood’s 40% Revenue Growth in Q2 2024

DeFi Planet

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