Robinhood Markets Inc (NASDAQ:HOOD) has reported second quarter revenue and profits that exceeded Wall Street expectations, sending its shares more than 3% higher afterhours.
Revenues were up 40% from the year-ago quarter to $682 million, ahead of the consensus estimate of $643.3 million.
Earnings per share (EPS) were $0.21, up from $0.03 in Q2 and beating estimates of $0.15.
Assets Under Custody (AUC) were up 57% year-over-year to $139.7 billion, attributed to continued Net Deposits and higher equity and cryptocurrency valuations.
Average Revenue Per User grew 35% to $113 and Gold Subscribers grew by 61% to 2 million.
“This quarter, we kept up the pace with rapid product launches and a relentless drive to provide top value for our customers,” Robinhood CEO Vlad Tenev said in a statement.
“With Robinhood Gold reaching 2 million subscribers, we're witnessing the flywheel accelerate.”
Jason Warnick, Robinhood chief financial officer, added: “In Q2, we set new quarterly records for revenues and earnings per share as we continue to focus on delivering another year of profitable growth.”
Robinhood shares traded up 3.1% at $17.65 post-earnings.