Robinhood Surges on Strong Q2 Earnings and 24-Hour Trading Milestone

The trading platform's revenue and user metrics exceeded expectations, driven by meme stocks, cryptocurrencies, and new trading features.

Robinhood reported $682 million in Q2 revenue, beating analyst estimates of $643.34 million.
The company saw a 69% year-over-year increase in transaction-based revenues.
Robinhood's 24-hour trading volume is nearing $30 billion despite some technical challenges.
Net deposits reached $13.2 billion, with assets under custody growing 57% year-over-year.
Funded accounts increased by 1 million, and Gold subscribers rose by 61% to 2 million.