Trading platform Robinhood reported total net revenue of $565 million for the second quarter of 2021, with a major chunk coming from cryptocurrency trading alone. Filed on Wednesday, it was its first earnings report as a public company. The trading company’s overall revenue jumped by 131 percent between April and June from the figures reported for the previous quarter. Cryptocurrencies gained a lot of mainstream exposure this year.
Crypto trading brought $233 million alone.
Transaction-based revenue of the retail trading broker came in at $451 million in the period, compared to $187 million generated in the first quarter of the year. Through the options and equities transaction value climbed by 48 % and 28 %, respectively, cryptocurrency trading brought in $233 million, more than half of the transaction-based revenue. In the previous quarter, the share of cryptocurrency revenue was only at 17 percent. Robinhood had only launched crypto trading in 2018 and listed only seven different cryptocurrencies. It is one of the few regulated platforms that offer Dogecoin trading.
Robinhood reported a profit of $58 million.
Despite recording a massive revenue, Robinhood turned a net loss of $502 million, which remained within its expected loss forecast range of $487 million to $537 million. The company reported a profit of $58 million in the same quarter of 2020. The company also warned that its third-quarter results might see an impact because of the seasonal slowdown in the trading industry. Robinhood further detailed that it ended the quarter with a total of 22.5 million funded accounts, jumping from 18 million in the previous quarter. It also recorded a 109 % yearly rise in monthly active users with 21.3 million in Q2.