[ad_1]
![robinhood q2 crypto trading reveue down 18%](https://coinjournal.net/wp-content/uploads/2023/08/128211051_m_normal_none.jpg)
- Robinhood Markets reported its Q2 financial results on Wednesday.
- Mizuho analyst Dan Dolev sees upside in “HOOD” to $14 per share.
- Robinhood stock lost roughly 8.0% in after-hours trading today.
Robinhood Markets Inc says it swung to a profit in its fiscal second quarter. Shares still lost about 8.0% in after-hours trading.
A quick overview of Robinhood’s second quarter
The sell-off in extended hours isn’t entirely unjustified. There sure were pockets of weakness in its quarterly performance.
For one, the online trading platform brought in $31 million from crypto trading in its recently concluded quarter. That was down 18% sequentially. Crypto trading made up 16% of its total revenue in Q2.
Still, Mizuho analyst Dan Dolev sees upside to $14 a share in Robinhood. Explaining why, he said on CNBC’s “Closing Bell”:
They’re gaining share from Coinbase. We’ve proved it in April and May in crypto. They’re crushing it on options. Contract prices are coming down because VIX is coming down.
What else was noteworthy in Robinhood’s Q2 results
Robinhood ended the quarter with $11.5 million worth of crypto under custody – roughly unchanged versus the prior quarter. Despite the after-hours sell-off, its shares are up more than 40% year-to-date.
Overall, the financial technology company earned 3 cents a share in its second quarter on $486 million in revenue. Analysts, in comparison, had called for a cent of loss and $473 million of revenue.
On the downside, though, Robinhood lost 1 million users in Q2, as per the earnings press release. Still, Mizuho’s Dolev told CNBC today:
Retirement is a big initiative. If they do well on retirement, if they give you a few data points on retirement, this is going to make the stock work really well.
[ad_2]
Source link