Robinhood disappoints in first earnings report since market debut
CNN
Robinhood posted a big loss in its first earnings report since its volatile initial public offering last month, overshadowing the fact that sales more than doubled in the second quarter, led by strong demand for cyptocurrency trading.
The company reported revenue of $565 million in the quarter. Analysts were expecting sales of $521.8 million. Robinhood said this was the first time more new customers made their first trade in cryptos, such as bitcoin and ethereum, instead of stocks. Robinhood added that its base of monthly active users more than doubled to 21.3 million in the second quarter of 2021, compared with 10.2 million a year ago.
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