(Robinhood) Robinhood announced a net loss of $502 million in the second quarter, from a profit of $57.6 million in the same quarter last year.
The net loss came despite a 205% increase in assets under custody, which reached $102 billion in the second quarter.
The company’s net loss for the first half-year was $1.9 billion, in contrast to a profit of $5.1 million in the first six months of 2020.
Robinhood announced a net revenue increase of 131% to $565.3 million in the second quarter in comparison to the same quarter last year.
The company reported a half-year revenue of $1.1 billion, a 193% jump compared to $372 million in the same period of 2020.
Robinhood’s monthly active users increased by 109% to 21.3 million, from 10.2 million users recorded in the same period last year.
HOOD: NASDAQ is down -11.55% on pre-market
