eToro reports lower Q3 earnings, authorizes $250M share buyback

Softer crypto trading cut into profits, but funded accounts grew 18% and the board approved a $250 million repurchase program eToro had a rough quarter on the profit line. The trading platform’s GAAP net income fell 74% year-over-year to $15 million in the third quarter, with reduced crypto trading activity doing most of the damage. The company’s response was to authorize a $250 million share repurchase program . The results, released November 10, show a company being pulled in two directions. Its crypto-heavy revenue engine slowed down. Its user base kept growing. Net contribution, eToro’s main measure of revenue after certain costs, came in at $186 million. That is down 13% from $215 million in the same quarter last year. The bottom line took a bigger hit.

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