Robinhood (HOOD) stock surged 5.03% in Friday's pre-market trading, building on its recent momentum as the company's latest earnings report showcased robust business growth across multiple fronts. The fintech firm has seen its stock price reach record highs this year, with year-to-date gains now exceeding 180%.
The impressive rally comes on the heels of Robinhood's strong second-quarter results. The company reported a significant increase in its user base, with funded customers rising to 26.5 million, up from 24.2 million in the same period last year. Moreover, Robinhood's Gold package subscriptions climbed to 3.48 million, while total assets on the platform jumped to $279 billion.
Notably, Robinhood's crypto business has become a major growth driver. Crypto transaction revenue surged 98% year-over-year to $160 million, highlighting the company's successful expansion in the digital asset space. The recent listing of meme coin FLOKI on the Robinhood platform further underscores the company's commitment to enhancing its cryptocurrency offerings. These developments, coupled with ongoing innovations such as tokenized stocks in Europe and a new predictions market, have bolstered investor confidence in Robinhood's growth prospects.
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