Robinhood (HOOD.US) exceeded expectations in Q2, with monthly active users slightly down from the peak in Q1.
Robinhood (HOOD.US) reported a strong second-quarter earnings and revenue growth due to a surge in options trading revenue, but its monthly active users fell from an unusually strong level in the first quarter.
The company reported second-quarter revenue of $682 million, up 40.3% year-over-year and above expectations; earnings per share of $0.21, above expectations of $0.15 and a record high, compared with $0.03 a year ago.
Trading revenue was $327 million, up 69% year-over-year; crypto revenue was $810 million, up 161% year-over-year; stock revenue was $40 million, up 60% year-over-year; and options revenue was $327 million, up 43% year-over-year.
Monthly active users fell to 11.8 million from 13.7 million in the first quarter, below the 13.1 million expected and up from 10.8 million in the second quarter of last year. Average revenue per user was $113, above the $106.34 expected and $104 in the first quarter, up 35%.
Robinhood's net interest income was $285 million, up 22% year-over-year, driven by growth in earning assets, increased securities lending activity and rising short-term interest rates.
Net deposits were $13.2 billion, a record high, up from $11.2 billion at the end of the first quarter.