Broker Robinhood's revenue more than doubled in the second quarter, to $ 565 million, driven by a massive surge in cryptocurrency trading, as reported on Wednesday by the share purchase and sale application.
But nevertheless, stocks have plummeted 10.26% on Wall Street after the company has warned that a slowdown in business activity will affect revenue in the current quarter. Investors may also be concerned about whether cryptocurrency volatility may continue to provide that tailwind for the company.
Income increased 131% in the period, compared to $ 244 million a year ago, and were near the high end of the company's forecasts, between $ 546 and $ 574 million.
Income from 'crypto' trading amounted to $ 233 million, more than half of all second-quarter transaction-based revenue of $ 451 million. The share of revenue from cryptocurrencies increased to over 51% from 17% in the first quarter.