Robinhood Set Records on Revenue, Net Deposits, and Gold Subscribers. The Stock Is Still 44% Below Its High.

Robinhood reported record Q2 results with $1.31B revenue (up 32% YoY), 4.8M Gold subscribers (up 39%), and record trading volumes. However, the stock fell 3.6% post-earnings and remains 44% below its October high. The market is concerned about revenue sustainability, particularly as crypto trading revenue declined 38% while newer prediction markets business is unproven at scale. At 38x earnings, the valuation already prices in significant growth.