eToro's third-quarter report showed a 74% drop in net income to $15 million and adjusted earnings below analyst expectations as lower crypto activity pressured the investing platform.
Shares fell 7.3% in morning trading on Nov. 10, after the results were released. Adjusted earnings came in at $0.26 per share, short of analysts’ $0.32 estimate.
Lower activity in eToro's crypto business weighed on the quarter. The platform recorded 2 million crypto trades in October, 62% fewer than a year earlier, EconoTimes reported in earlier coverage of eToro’s quarterly results.
The company also announced that its board had approved a share repurchase program capped at $250 million.
