Robinhood was excluded from the S&P 500 last month, a move that surprised some investors as rival fintech Block was added.
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Robinhood
beat Wall Street expectations for the second quarter Wednesday.
Here is how Robinhood’s results compared to Wall Street estimates, according to analysts surveyed by LSEG:
Revenue jumped 45% year-over-year to $989 million, while net income more than doubled to $386 million, up 105% from the same quarter last year.
CFO Jason Warnick said prediction markets and Bitstamp are generating about $100 million or more in annualized revenues.
Robinhood heads into earnings with its stock price on a rally that's lifted the company's market cap to $91 billion.
The online brokerage saw its quarter-over-quarter revenue jump almost 7%, despite lagging crypto revenue.
Truist's price target implies upside of 30% ahead for shares of Robinhood.
S&P Global said Friday that Robinhood will replace Caesars Entertainment in the S&P 500.
(Bloomberg) -- Robinhood Markets Inc. is a “prime candidate” to enter the S&P 500 Index in the rebalancing set to be announced…
