Robinhood posts record $1.31B quarter, still can't escape crypto's summer chill ❄️

Robinhood (HOOD) beat Wall Street's second-quarter expectations with adjusted earnings of $0.62 a share and record revenue of $1.31 billion, up 32% from a year earlier, but shares slid about 4% in extended trading after the company reported weaker crypto trading. The stock also fell 3.1% during Wednesday's session. Revenue narrowly topped the $1.29 billion consensus forecast, with transaction income supported by surging options, equities and prediction markets activity.

Crypto revenue declined 38% year over year to $100 million from $160 million, even as the broader business accelerated its product rollout. "Whether it's the Robinhood Chain, Robinhood Ventures, or Trump Accounts, our product velocity is focused on one goal: making everyone an owner," Chairman and CEO Vlad Tenev said in a statement.

The second quarter marked one of Robinhood's largest product pushes in recent years, including the launch of Robinhood Chain, a blockchain network supporting tokenized U.S. stocks for eligible European customers. Activity on the network has grown quickly since launch, with hundreds of millions of dollars in daily decentralized exchange volume and tokenized stocks such as GameStop, Nvidia and SpaceX among its most actively traded real-world assets. While memecoins and stablecoins still account for much of the chain's activity, trading in tokenized equities has expanded steadily in recent weeks.

The company also unveiled Agentic Trading, a set of AI tools that let customers connect third-party AI assistants to their brokerage accounts to monitor portfolios and automate trading while keeping user controls in place. Robinhood said the rollout is part of its push to bring traditional financial assets onchain and broaden the scope of its platform beyond U.S. retail brokerage customers.