Robinhood Markets reported record second-quarter revenue of $1.31 billion. Revenue climbed 32% year-over-year. Earnings per share reached $0.62, surpassing analyst expectations. Net deposits hit a new record of $22 billion. Gold subscribers increased to 4.8 million.
The stock price declined as cryptocurrency trading revenue fell 38% year-over-year. Crypto revenue totaled $100 million for the quarter. Event contracts generated $156 million in revenue. Goldman Sachs and Barclays lowered their price targets following the crypto slowdown.