In recent financial services news, Robinhood Markets reported a significant 44% growth in transaction-based revenues, largely driven by a surge in equity and options trading, which offset a 38% decline in cryptocurrency revenues. The company's cryptocurrency trading revenue fell to $100 million, with notional trading volumes dropping to $40 billion. However, Robinhood's prediction markets business, launched nearly two years ago, saw substantial growth, with event contracts revenue increasing more than tenfold to $156 million and the number of event contracts traded rising to 13.6 billion.

Meanwhile, SoFi Technologies raised its revenue forecasts for the second half of the year but maintained its earnings guidance due to potential Federal Reserve rate hikes. Despite beating second-quarter earnings and revenue expectations, SoFi's stock saw a decline. CEO Anthony Noto cited uncertainty surrounding higher rates as a reason for caution regarding earnings per share targets, emphasizing the need for a cushion and continued reinvestment in growth opportunities, including its stablecoin.