eToro Q3 net profit falls 74% as crypto trading activity weakens

Nasdaq-listed crypto and stock trading platform eToro posted third-quarter net profit of $15 million, down 74% from $57 million a year earlier, as weaker cryptocurrency trading activity weighed on results, The Block reported. Crypto-related revenue fell to $1.35 billion from $3.97 billion a year earlier. eToro recorded 2 million crypto trades in October, down 62% year over year, while the average investment per trade dropped 29% to $228. The board also approved a share buyback program of up to $250 million, depending on market conditions and liquidity requirements.