eToro shares pop 20% as crypto revenues bolster Q4 earnings
eToro CEO Yoni Assia says he is positioning the trading platform “for a financial system that is increasingly moving on-chain,” after its crypto revenues boosted earnings in Q4.
Trading platform eToro jumped more than 20% after reporting better-than-expected fourth-quarter earnings, with cryptoasset activity driving most of its reported “revenue and income” lines — a figure the company presents largely on a gross basis alongside an offsetting cost line.
The company reported on Tuesday that its Q4 net income increased 16% from a year ago to $68.7 million, with earnings per share of $0.71, compared with analyst expectations of $0.60.
Total revenue and income for the fourth quarter was $3.87 billion, down 34% year over year, including $3.59 billion in “revenue from cryptoassets,” according to the company’s IFRS statement. eToro also reported $3.64 billion in “cost of revenue from cryptoassets,” while its Net Contribution — a non-GAAP KPI the company highlights — was $227 million.
