Robinhood Smashes Q2 Earnings—So Why Are Wall Street Analysts Still Skeptical?

Robinhood just posted its strongest quarter yet—revenue surging, user growth exploding, and crypto trading volumes hitting new highs. But Wall Street's reaction? A collective shrug.

Here's the irony: Main Street's favorite trading app is winning where it counts (actual users, actual revenue), while the suits cling to their spreadsheets. Maybe they're still salty about the meme-stock frenzy cutting into their precious hedge fund profits.

One thing's clear: Robinhood keeps disrupting, while traditional finance keeps doubting. Place your bets on who'll blink first.

What does this mean for Coinbase’s earnings later today?

Robinhood’s crypto revenue was bolstered by the addition of Bitstamp’s institutional flow, but it also benefited from retail traders returning to the market. If Coinbase reports similar activity — especially from retail — it could signal a broader resurgence in crypto engagement. Coinbase’s business is more heavily reliant on crypto and institutional activity, so Robinhood’s strong results may foreshadow a beat if those same trends played out on Coinbase’s platform.

However, Coinbase lacks Robinhood’s diversification into interest income and securities lending, which insulated Robinhood from volatility in crypto markets last year. That puts more pressure on Coinbase to show that crypto trading volumes alone can drive earnings growth. Investors will be watching closely.

FactSet projects COIN will report $1.59 billion in revenue and $1.25 in earnings per share for the second quarter, both up from the same period last year. Shares are up 1.6% today, trading at $383.56 a piece.