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FollowingRobinhood's cryptocurrency trading business hit a quarterly low, but its blockchain performed well in the first month
Robinhood's cryptocurrency trading business experienced its weakest quarter in recent years. However, its blockchain platform has had its best month so far-because this is the only month it has existed.
The broker reported on Wednesday that second-quarter revenue reached a record high of $1.31 billion, a year-on-year increase of 32%, exceeding market expectations of $1.26 billion; net income was $573 million, or $0.62 per share, compared with $386 million, or $0.42 per share, in the same period last year. Among these figures, cryptocurrency trading revenue fell 38% to $100 million, while Robinhood Chain-the company's Ethereum Layer 2 network built for tokenized real-world assets-delivered in the first month. It is also quite impressive for mature chains.
