eToro Reports Strong Q3 Results and Launches $150M Buyback Program
- Net contribution increased by 28% to $215 million, up from $167 million last year.
- Net income under GAAP rose by 48% to $57 million, compared to $39 million in the previous year.
- Funded accounts grew by 16% to reach a total of 3.73 million.
- In October, eToro users executed over 5 million cryptocurrency trades, an increase of 84% year-over-year.
- Interest-earning assets reached $8.7 billion, reflecting a growth of 55% year-over-year.
The company is set to launch a new crypto wallet that will provide access to various products including tokenization and lending services within the next few quarters. Additionally, eToro’s co-founder emphasized a focus on innovation through AI-driven tools like Tori, which offers personalized investment insights.
With shares rising about 7% following these announcements and significant increases in trading activity, eToro demonstrates robust growth in both its financial performance and user engagement.(Source)
