Robinhood (HOOD) hit record revenue for the second quarter of the year, with total net revenue rising 32% year-over-year to $1.31 billion, according to its earnings report on Wednesday. The exchange witnessed strong growth across equities, options and event contracts.

Robinhood delivers strong Q2 results as revenue hits record

The company stated that its net income increased 48% year-over-year to $573 million, while diluted earnings per share rose 48% to $0.62. The results included $129 million in gains primarily related to the deconsolidation of Robinhood Ventures Fund I.

Transaction-based revenue was a key driver of the quarter, rising 44% year-over-year to $776 million. Event contracts generated $156 million, more than 10 times the…