Robinhood Reports Positive Q2 Earnings Due to Resurgence in Meme Stocks

cryptonews.com:

Trading platform Robinhood reported positive earnings for the second quarter, with revenues reaching $682 million, marking a 40% increase year-over-year due to a resurgence in Meme stocks.

Robinhood’s earnings report stated a huge increase in crypto transaction-based revenues showing a 161% year-over-year rise, amounting to $81 million in the second quarter.

The surge was driven by increased trading volumes, showing there is once again renewed interest in crypto among retail investors.

Overall transaction-based revenues also saw growth, climbing 69% to reach $327 million. Robinhood said it has grown its role in retail trading across a diverse range of assets.

Robinhood Markets, Inc. just announced its financial results for the second quarter of 2024. Find our full performance and listen to our earnings call today at 5 PM ET at https://t.co/llL7qN2nEf

Here are the highlights from @vladtenev: pic.twitter.com/SFIkqi56Ja

— Robinhood (@RobinhoodApp) August 7, 2024

“This quarter, we kept up the pace with rapid product launches and a relentless drive to provide top value for our customers,” said Vlad Tenev, CEO and co-founder of Robinhood.

Robinhood said its strategic acquisitions have strengthened its position in the market. In June, the company agreed to acquire Bitstamp, Ltd., a leading crypto exchange with an extensive international presence.

According to the earnings report, this acquisition expanded Robinhood’s capabilities and reach, leveraging Bitstamp’s 50 active licenses and registrations across the EU, UK, US, and Asia.

The trading company also acquired Pluto Capital Inc., an AI-powered investment research platform, in July. Robinhood said the acquisitions align with its goal of broadening its service offerings and