Despite beating expectations with a surprise profit, Robinhood Markets (NASDAQ:HOOD) experienced a decline of more than 6%.

The company reported earnings per share of 3 cents for the second quarter, exceeding the expected loss of 1 cent per share. Additionally, the revenue rose by 52.8% compared to the same period last year, reaching $486 million, which also surpassed the Street estimate of $472.9 million. Although the monthly active users decreased by 1.0 million from the first quarter to 10.8 million, assets under custody rose by 13% from the first quarter to $89 billion. This growth was driven by higher equity valuations and increasing deposits.

Furthermore, Robinhood stated that its expense outlook is improving compared to the guidance it provided with its first-quarter earnings. The company now anticipates GAAP total operating expenses for the full year 2023 to be in the range of $2.330 billion to $2.410 billion, which reflects a $45 million improvement at the midpoint of the range from its previous outlook.

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