Robinhood Financial Results and Crypto Business Activity

In depth

US trading platform Robinhood recorded record revenues of $1.31 billion in the second quarter, according to Channel 14. According to the same source, the company's share price fell by nearly 20% since the beginning of the year.

According to Bizportal, ahead of the report the market expected revenues of about $1.42 to $1.45 billion and earnings of about $0.55 to $0.56 per share. The share traded around $93 after a sharp rise since the beginning of the year.

According to Bernstein, as reported by Bizportal, the investment house recommends "outperform" with a price target of $160, following a report in which event contracts revenues jumped sixfold. According to the same source, the share fell in early trading amid a miss on earnings and a collapse in crypto revenues.