Robinhood’s revenue more than doubled in the second quarter to $565 million, bolstered by a massive surge in crypto trading, the stock trading app said in its first earnings report as a public company on Wednesday.
But the shares dove in after the company warned a slowdown in trading activity would hit revenues in the current quarter. Investors may also be concerned whether volatile crypto can continue to provide such a tailwind. Robinhood was last down more than 8%.
Revenue surged more than 131% in the period from $244 million a year ago and was near the high range of the company’s forecast of $546 million to $574 million.
Revenue from crypto trading totaled $233 million, more than half…