The logo of Robinhood Markets is seen at a pop-up event on Wall Street after the company's initial public offering in New York City on July 29, 2021.
Robinhood beat Wall Street expectations for the second quarter Wednesday.
Here is how Robinhood's results compared to Wall Street estimates, according to analysts surveyed by LSEG:
Earnings per share: 42 cents vs. 31 cents expected
42 cents vs. 31 cents expected Revenue: $989 million vs. $908 million expected
Revenue jumped 45% year-over-year to $989 million, while net income more than doubled to $386 million, up 105% from the same quarter last year.
The number of funded customers climbed by 2.3 million to 26.5 million, topping the StreetAccount estimate of 26.1 million. Investment accounts also grew 10% year-over-year to 27.4 million.
Total platform assets nearly doubled, rising 99% from a year earlier to $279 billion, driven by strong net deposits, acquired assets, and higher equity and cryptocurrency valuations, according to the release.
Total operating expenses increased 12% to $550 million. On a non-GAAP basis, adjusted operating expenses and share-based compensation rose 6% to $522 million, reflecting costs tied to the Bitstamp acquisition.
Transaction-based revenue came in at $539 million, ahead of StreetAccount's $517 million estimate. Options trading contributed $265 million, beating the $250 million estimate.
Cryptocurrency trading came in light of estimates at $160 million versus $168 million expected, and equities also missed StreetAccount's estimate at $66 million versus $69 million expected.