Robinhood Markets Inc reported higher second-quarter revenue on Wednesday as interest rates continued to buoy the online brokerage’s interest income, achieving profitability for the first time as a public company.
The logo of Robinhood Markets, Inc. is seen at a pop-up event on Wall Street after the company's IPO in New York City, U.S., July 29, 2021. REUTERS/Andrew Kellyreported higher second-quarter revenue on Wednesday as interest rates continued to buoy the online brokerage’s interest income, achieving profitability for the first time as a public company.
Shares of the company, which was at the center of 2021's retail trading frenzy, were last down 3% in extended trading. Net interest revenue soared 243% to $442 million in the second quarter compared to a year earlier, as the brokerage's margin investing business benefited from the U.S. central bank's monetary policy tightening campaign to combat decades-high inflation.
Taking some of the shine off gains from higher rates, retail traders—who had used Robinhood's platform through most of 2021 to pump money into so-called meme stocks—pulled back amid volatile market conditions. As a result, transaction-based revenue declined 5% in the second quarter.Thomson Reuters Hannah Lang covers financial technology and cryptocurrency, including the businesses that drive the industry and policy developments that govern the sector. Hannah previously worked at American Banker where she covered bank regulation and the Federal Reserve. She graduated from the University of Maryland, College Park and lives in Washington, DC.
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