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Markets · Investing · Business
Finance
Why Robinhood Stock Skyrocketed Last Month
Its second-quarter results, published at the end of July, set a very bullish tone for August.
Robinhood Markets(NASDAQ: HOOD) barreled into August just after publishing an estimates-crushing quarterly earnings report, and its stock only got more popular from there. Thanks in no small part to a rally in cryptocurrencies -- a major focus of the brokerage and financial services company -- its shares ended the month 21% higher.
The stage was set at the end of July for a pronounced Robinhood rally. Its second-quarter results featured a strong 32% year-over-year gain in revenue (to over $1.3 billion), while headline net profit surged 45% higher to $561 million. Both figures were well higher than the average analyst estimates.
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Disclaimer: This article is for informational purposes only and does not constitute investment advice. Data may be delayed up to 15 minutes. Past performance is not indicative of future results. Consult a licensed financial advisor before making investment decisions.
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