Robinhood (Hood) reported on Wednesday a jump year after year at 98% in commercial cryptography income of the second quarter, while easily exceeding Wall Street profits as the company’s cryptographic ambitions of the company and international expansion began to take shape.
The popular negotiation platform registered net income of $ 160 million for Crypto, compared to $ 81 million in the same period last year. The profits adjusted by Action (EPS) reached $ 0.42, exceeding the estimate of consensus of $ 0.31 and doubled for a year. General revenues increased 45% to $ 989 million, which also exceeded the estimation of analysts of $ 928.8 million, according to FACTSET data.
The company saw $ 28.3 billion in cryptographic negotiation volume in the second quarter.
“We deliver strong commercial results in Q2 driven by a relentless speed of the product, and we launch tokenization, which I think is the greatest innovation that our industry has seen in the last decade,” said Vlad Tenev, president and CEO of Robinhood.
Robinhood’s actions (Hood) have recovered 177% so far this year, the greatest jump of any American technological action. The rally has brought its market value to $ 91 billion, just less than coinbase market capitalization (COIN). Coinbase will inform the profits on Thursday, and analysts expect $ 1.59 billion in revenues and profits of $ 1.25 per share.
Robinhood’s strong trimester reflects more than only market tail winds. In June, the company bought Crypto Exchange Bitstamp for $ 200 million and continued with an acquisition of $ 179 million of Wonderfi, a Canadian cryptography platform. Purchases help Robinhood expand their regulated footprint in North America.
The company is also planting bets in Europe. Recently it began to offer tokenized versions of shares and ETF, which allow investors to buy fractions of traditional financial assets in the block chain.
Hood’s actions do not change mostly in the negotiation after the market, while the currency shares were slightly positive.
