Robinhood's profit more than doubles on robust trading volumes across asset classes

Robinhood Markets said on Wednesday its second-quarter profit more than doubled due to a surge in trading volumes across options, crypto and equities.

The Menlo Park, California-based online brokerage earned $386 million, or 42 cents per share, for the three months ended June 30. That compares with $188 million, or 21 cents per share, a year earlier.

The strong results add to a run of recent successes for Robinhood, which has been aggressively rolling out new products to expand beyond its core user base and become a more integral part of customers' financial routines.

They also underscore the resilience of retail investors, who have stayed active despite , and highlight their key role in the current financial landscape.

Transaction-based revenues increased 65% to $539 million from last year. Crypto revenue jumped 98%, options soared 46% and equities climbed 65%.

Net interest revenue also rose 25% to $357 million.

EXPANSION DRIVE

Robinhood is rapidly establishing itself as a major force across asset classes, evolving beyond its origins as a stock-trading app.

But the expansion has faced hurdles. Last month, it launched tokens allowing users in the European Union to trade U.S.-listed stocks, alongside a limited offering providing exposure to private companies such as OpenAI and SpaceX.

OpenAI pushed back, arguing that it did not endorse the tokens.

Still, Robinhood CEO Vlad Tenev said tokenization was "the biggest innovation our industry has seen in the past decade."

Robinhood has cemented its hold in areas of consumer finance beyond trading. It launched a credit card for its Gold subscribers last year, and has since added a wealth management service with fee caps for those users.

The expanded lineup has made the premium subscription more attractive, driving a 76% increase to 3.5 million users.

Shares of the company have nearly tripled so far this year, compared with a 9% gain in the Nasdaq composite index .