Robinhood Markets (HOOD) Assets Increase to $298B Amid Robust Customer Growth

Robinhood Markets, Inc. (NASDAQ:HOOD) is one of the top 10 stocks to buy now according to Cathie Wood. On August 13, the company confirmed its total platform assets had climbed to $298 billion as of the end of July. The milestone marked a 7% increase from June and 106% increase from the same period last year.

In July, the financial services company added 160,000 new customers, bringing its total number of funded customers to 26.7 million. Similarly, net deposits in the month increased by 28% to $6.4 billion, as net trading volume showed a significant improvement in all categories. Robinhood’s equity notional trading volumes increased 17% from June to July, reaching $209.1 billion. The number of options contracts traded also increased 16% month-over-month to 195.8 million.

The improving metrics were the catalyst behind Robinhood delivering better-than-expected second-quarter results, with earnings of $0.42 a share, higher than the expected $0.30. The company also generated $989 million in revenue, which is higher than the expected $908.32 million.

Robinhood Markets, Inc. (NASDAQ:HOOD) is a financial technology company that offers a mobile application enabling the trading of securities, including stocks, options, cryptocurrencies, and exchange-traded funds. It stands out as a broker for charging zero commissions and fees.

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Disclosure: None. This article is originally published at Insider Monkey.