eToro’s Q3 Net Income Fell 74%; Board Approves Buyback of Up to $250M

eToro’s net income fell 74% to $15 million in the third quarter, and its board approved a share buyback of up to $250 million as crypto trading activity declined. Net contribution totaled $186 million, down 13% from a year earlier, with the decline driven mainly by reduced cryptocurrency trading. Adjusted EBITDA fell 56% to $34 million. Funded accounts reached 4.39 million by quarter-end, up 18% year over year. Assets under management totaled $20.8 billion, unchanged from the same period a year earlier. In October, after the quarter closed, eToro’s crypto transaction count fell 62% year over year to 2 million. That later monthly figure shows the decline in crypto activity continued beyond the quarter, even as funded accounts had grown by quarter-end.

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