Robinhood Markets Inc ( HOOD ) shares are trading higher Thursday on the heels of the company’s second-quarter financial results.

What Happened: Robinhood reported second-quarter revenue of $682 million, beating analyst estimates of $643.34 million. The company reported adjusted earnings of 21 cents per share, beating analyst estimates of 15 cents per share, according to Benzinga Pro.

Total revenue was up 40% year-over-year. Transaction-based revenues were up 69% year-over-year, net interest revenues climbed 22% and other revenues jumped to $188 million, up from $25 million in the prior year’s quarter.

Robinhood reported net deposits of $13.2 billion in the second quarter. The company had $139.7 billion in assets under custody at quarter’s end, representing growth of 57% year-over-year.

Funded customers increased by 1 million on a year-over-year basis to 24.2 million. Investment accounts increased by 1.4 million to 24.8 million. Gold subscribers came in at 2 million, up 61% year-over-year.

Robinhood ended the quarter with $4.5 billion in cash and cash equivalents.

“This quarter, we kept up the pace with rapid product launches and a relentless drive to provide top value for our customers. With Robinhood Gold reaching 2 million subscribers, we’re witnessing the flywheel accelerate,” said Vlad Tenev, co-founder and CEO of Robinhood. 

See Also: Robinhood CEO Vlad Tenev Says 24-Hour Market Trading Volume Approaching $30B: ‘We Are Really Excited’

Robinhood expects full-year operating expenses and stock based compensation to be between $1.85 billion and $1.95 billion.

“Our 2024 expense plan includes growth investments in new products, features, and international expansion while also getting more efficient in our existing businesses,” the company said.

Following the print, Needham analyst John Todaro reiterated Robinhood with a Hold rating.

HOOD Price Action: Robinhood shares were up 5.72% at $18.13 at the time of publication, according to Benzinga Pro.