Bloomberg Audio Studios, podcasts, radio news. We welcome now our Bloomberg Radio and television audiences. Robinhood is posting second quarter revenue that beat Wall Street estimates, boosted my strength and cryptocurrency trading. We're joined now by Robinhood, chairman and CEO of lad Tenev and your backup on the day, you're bringing your year to date gains for Robinhood closer and closer to two hundred percent. Your stock has just soared
this year. Do you feel pressure at that valuation now to increase your growth rate to meet investor expectations.
I think we're always challenging ourselves to serve our customers better and consequently grow the business. But if you're asking if I'm like looking at the stock and triving to trying to drive that directly, no, I mean we're looking at the inputs to our business and right now what we're seeing is our customers are happy. Net promoter scores
are at a four year high. It's leading to net deposits which have been very strong through July, and that's leading to gains and market share across all of the assets. And you're seeing that in revenue and EPs, which have been very, very strong as well, and you know, we're having these product events where we're announcing products that are I think, far ahead of where the rest of the industry is. So I don't think it's slowing down where if anything, accelerating further.
By the way, more than four hundred and twenty percent over the past twelve months, you're worth almost one hundred billion dollars. You're now worth a lot more than Intel, which for an old guy like me, that's that's a real milestone. Where do you see the biggest growth? I know you're expanding overseas. We talked to you last time about tokenization. What's the biggest shooting star at Robinhood?
I think if you look long term, the big potential that I see for Robinhood is how can we expand across two different axis. One is from being US only or US primary to being fully global available to billions of people around the world. And the other is can we go from being retail only and serving the full wallet of a retail customer and being this sort of like financial super app to a full platform that serves
not just retail but businesses and institutions. And you know, we're getting into that through some of the acquisitions that we're making and through organic platform expanse.
But by the way, could I live on Robinhood now? I mean, could I have Bloomberg deposit my paycheck with you and pay all my bills with you, and you know, get a loan from you and do my trading with you. Are you looking at that full suite and how fast.
Can you get there?
You can do the Lion's share of that. Robinhood Banking is actually rolling out later this quarter. We're still on track for that. It's now rolled out internally to our thousands of employees and it's looking really good. So that'll allow you to put in your paycheck, get checking savings accounts. You don't have to go to the ATM. We figured out how to get cash to you to where you are. For those of others that still use cash, you can
do your estate planning. We have home loans partnership with Sage that lets you have a mortgage at an industry leading rate. And of course you're trading, you're investing your advisory, so we can help you with the Lion's share of that. I didn't even mention the credit card, but you saw my credit card last time. I think it's the best credit card on the market.
So you were talking about Robinhood Banking launching to a broader audience soon, But what does that put you in terms of your relationship to the broader banking industry. You just saw about a day ago, JP Morgan and Coinbase inking a deal to allow wallets to be more linked to bank accounts.
Are you going to be partnering with.
Banks or are you running in direct competition to them?
I think that as our companies become bigger and bigger and just diversify into more segments, the relationship with counter parties will be collaborative and will partner in some ways. And of course, in the broad sense, every financial company competes with every other one if your goal is to get customer assets and greater wallet share. But yeah, I think it's it's nothing. In the financial services industry, the large companies have always like collaborated and competed across different axes.
So to mass point a little earlier, one year growing tremendously, you have stock as currency to do so, you're became worth more than Intel. How much firepower does that give you for a transformative acquisition? Could you do something much bigger and what are the types of places you'd.
Look Yeah, uh interesting, I've never I've never had Intel brought up as a comp but I see what you mean about that being historically you know, these companies that you think of is very infrastructured.
NIC's an iconic company if you grew up with it like me, you know, and then yeah, I mean, it eclipsed it.
Even being in the same conversation as those brands is humbling. I think We've always been very deliberate with acquisitions, so we want to make sure it pencils and it makes sense for the company. It gives us eighteen month acceleration to the product roadmap. We get a team that's like DNA culture aligned with us because we like to move fast, and we have very very high bar for talent and if all those are met. We've been pretty active, as
I'm sure you're aware, in the acquisition market. So I wouldn't say, you know, I have a particular itch, but we've got a great corp DEV team and we tend to look at every opportunity that comes up.
You became a household name during the first wave of retail trading post pandemic retail trading, and now we've seen that pick up again. In fact, a lot of investors or bankers come on this show and say, it's really retailed. It's bought this thirty percent surge from the bottom of April, and institutional investors have to catch up. Can that hold? Have we seen a fundamental shift in the way people invest?
I think the fundamental shift is that if you think about you know, institutional investing, all these fund managers, it's very abstracted. So I think they tend to make decisions about portfolio allocation based on macro factors. You know, tariffs, geopolitical conflict, let me use that to rebalance the portfolio, And so you end up having somewhat strange things where a company that is unaffected or perhaps benefits from that type of uncertainty could just get sold off because of
broader macro. Now retail doesn't think that way. Retail says, I want to buy this stock because I believe in this particular company, and so you see them doing very very well in the scenarios where you know, broad market activity affects companies that are otherwise doing very very well and shouldn't be unaffected. But you know, institutions hands are basically forced because they have to reallocate, and I think
that's a positive. It's a positive thing. We've gotten so abstracted that I think we need to get back to the basics of people buying stocks because they believe in that particular company and not because of some sectual correlation that may or may not actually exist.
Well, it's great to get some time with you, Glad, especially here in New York on set with us Latin of they're the CEO of Robinhood this.
Thanks for having me