Webull reported record revenue of $198 million for the second quarter, a 51% increase from the same period last year, according to its earnings release on Wednesday.
Cryptocurrency trading contributed $2.25 million to the total, representing just over 1% of revenue. Equity and options trading generated the bulk of income, at $112 million, or about 56% of the total. The platform’s revenue slightly exceeded Wall Street’s consensus estimate of $194.5 million, based on analyst estimates compiled by Yahoo Finance.
During an earnings call, Webull president and director Anthony Michael Denier said the company is in the process of gradually rolling out cryptocurrency deposit and withdrawal capabilities. The firm did not provide additional details on crypto revenue trends compared to prior quarters.
Webull’s stock rose 8.9% on Wednesday and was up nearly 15% in pre-market trading on Thursday, trading at $9.98 per share as of 10:37 a.m. UTC.
Robinhood, another online brokerage, also posted record quarterly results on July 30, though its cryptocurrency transaction revenue declined 38% year-over-year to $100 million from $160 million in the prior period.
