eToro Reports 74% Drop in Third-Quarter Profit to $15 Million

eToro's net income fell 74% year over year to $15 million in the third quarter, as lower cryptocurrency activity put pressure on the Nasdaq-listed trading platform's results. Net contribution declined 13% to $186 million from $215 million a year earlier. Adjusted EBITDA dropped 56% to $34 million, and adjusted earnings of $0.26 per share missed the $0.32-per-share analyst estimate. Crypto trades in October fell 62% from a year earlier to 2 million. The average amount invested per crypto trade declined 29% to $228. Activity across equities, commodities and currencies weakened too, with transactions down 22% to 48.2 million. Funded accounts rose 18% to 4.39 million, while assets under administration were unchanged at $20.8 billion. Capital markets net contribution increased 21%, partially offsetting weaker crypto activity.

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