The company’s overall revenue surged by 131 percent in April and June from the numbers reported for the preceding quarter. Transaction-based income of the retail trading broker got in at $451 million in the time, opposed to $187 million made in the first quarter of the year.
Though the options and equities transaction price soared by 48 percent and 28 percent, individually, cryptocurrency trading took in $233 million, more than half of the transaction-based revenue. In Q1, the share of cryptocurrency income was barely at 17 percent.
Robinhood started crypto trading in 2018 and listed just seven various digital coins. It is one of the several regulated trading venues in the United States allowing Dogecoin trading, and it paid off.
Notwithstanding the adequate revenue, Robinhood converted a net loss of $502 million, which settled within its presumed loss forecast scope of $487 million to $537 million. The company published a profit of $58 million in the corresponding quarter of 2020.
Nevertheless, the company informed that its third-quarter results might influence the seasonal slowdown in the trading industry.
The earnings report stated that for the three months concluded September 30, 2021. They expect seasonal headwinds and weaker trading activity over the industry to succeed in lower revenues. Moreover, they anticipate considerably more scattered new funded accounts than in the previous quarter.
Moreover, the company reported that it finished the quarter with 22.5 million funded accounts. It rebounded from 18 million in the preceding quarter. Furthermore, it registered a 109 percent yearly increase in monthly active users with 21.3 million in Q2.
After the quarter, the asset under care with the company continued at $102 billion, rising 205 percent from the prior year’s corresponding quarter.