Robinhood Tops Estimates as Crypto Revenue More Than Triples

Robinhood Markets Inc. reported a second consecutive quarterly profit, driven by high interest rates and a surge in cryptocurrency trading. The company's net income reached $157 million, surpassing analyst expectations. Revenue increased by 40% to $618 million, with cryptocurrency revenue alone jumping 232% to $126 million. Despite facing potential SEC enforcement action over its crypto business, Robinhood's shares rose 6.5% in extended trading.