Editing Robinhood Markets, Inc. (section)

=== Key observations: ===

# '''Strong growth''' – 45% revenue growth is robust for a company of this scale. Growth is being driven by multiple engines (transaction volume, interest income, new products).
# '''Profitability emerging''' – Net income up ~105% Y/Y; suggests operating leverage is improving (expenses are growing much more slowly than revenues).
# '''Expense discipline''' – Operating expenses up only ~12%, compared with revenue up ~45%, suggests economies of scale are benefiting the business.
# '''Platform scale''' – Platform assets doubled Y/Y, funding/deposits remain strong, user base continues to grow, ARPU improving – all positive signs of monetisation of scale.
# '''Acquisitions and product expansion''' – The Q2 results reflect acquisition of Bitstamp and expansion internationally and into new product categories (tokenized shares, futures, prediction markets). These provide optionality for growth, but also come with costs and integration risks.<ref name=":0">investors.robinhood.com</ref>