The recovery in cryptocurrency trading last quarter has boosted Robinhood, the brokerage that has turned Wall Street upside down with commission-free trading of stocks, cryptocurrencies and options.
Net revenue rose to $682 million last quarter, up 40 percent from the same period last year. Nearly half of the company’s revenue comes from customers trading on the platform.
As cryptocurrency prices have rallied this year, trading activity has boosted the brokerage, up 161 percent year-over-year to $81 million. Both revenue and profit exceeded Wall Street expectations.
Options trading also surged, up 43 percent year-over-year to $182 million.
“Investors are showing significant upside across all sectors,” said Jason Wernick, chief financial officer at Robinhood.
