Robinhood’s Q2 revenue surges on strong trading in stocks, crypto

:Robinhood reported a surge in second-quarter revenue, boosted by strong trading in equities and cryptocurrencies, sending shares up 2 per cent after the bell.
The online commission-free brokerage reported net revenue of $682 million in the three months ended June 30 on Wednesday. That compares with $486 million in the year-ago quarter.
The trading app, best known for its popularity with mom-and-pop investors, saw a surge in trading volumes as meme-stock influencer Keith Gill returned to social media and reignited interest in the highly shorted shares of videogame retailer GameStop.
Its equity trading volumes surged 82 per cent in April and 76 per cent in May, compared with a year earlier.
Meanwhile, the crypto markets also logged a stellar first half of the year led by gains in bitcoin, the largest and most recognized token globally.
That led to a crypto trading volume surge of 238 per cent in May, while April recorded a 173 per cent jump.
Sentiment has improved considerably since the U.S. Securities and Exchange Commission approved an exchange-traded fund to track bitcoin’s spot price in January, and more recently gave the greenlight to a similar product for ether.
In the aftermath, Robinhood’s transaction-based revenues jumped 69 per cent in the quarter to $327 million.