Robinhood (HOOD) beat Wall Street expectations for the second quarter, but shares fell about 4% in after-hours trading, adding to their 3.1% drop during Wednesday’s session.
The online brokerage reported adjusted earnings per share of $0.62, well above analysts’ estimate of $0.43, while revenue rose 32% from a year ago to a record $1.31 billion, narrowly beating the consensus forecast of $1.29 billion.
The results reflected strength across Robinhood’s expanding product line, even as cryptocurrency trading cooled. Cryptocurrency revenue fell 38% year over year to $100 million from $160 million, while trading revenue rose thanks to increased activity in the options, stock and prediction markets.
“Whether it’s Robinhood Chain, Robinhood Ventures, or Trump Accounts, our product velocity is focused on one goal: making everyone an owner,” Vlad Tenev, Robinhood’s president and CEO, said in a statement.
The second quarter marked one of Robinhood’s biggest product pushes in recent years. The company launched Robinhood Chain, a blockchain network that backs tokenized US stocks for eligible European customers as part of its push to bring traditional financial assets onto the chain.
