NEW YORK: Robinhood Markets reported a 131 per cent jump in second-quarter revenue on Wednesday (Aug 18) as the online brokerage benefited from a surge in cryptocurrency trading through its platform.
The company, which was at the centre of the historic "meme stock" trading mania earlier this year, posted a total net revenue of US$565 million for the quarter ended Jun 30 compared to US$244 million a year earlier.
Robinhood allows users to make unlimited commission-free trades in stocks, exchange-traded funds, options and cryptocurrencies.
Transaction-based revenue for the quarter rose 141 per cent to US$451 million, of which cryptocurrency trading comprised US$233 million. It was only US$5 million a year ago.
Robinhood has enjoyed a strong run since last year, when homebound users turned to trading in stocks and other assets through its app.
Its popularity was further bolstered by the "meme" stock and crypto trading mania this year, which helped drive a jump in trading volumes in the quarter.