EToro Group Ltd (NASDAQ:ETOR) shares are trading higher on Tuesday. The trading and investing platform company reported strong third-quarter results late Monday that exceeded analyst expectations.
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What To Know: EToro reported third-quarter earnings of 60 cents per share versus estimates of 56 cents per share, representing a beat of approximately 7.53%. The third-quarter earnings number compares to earnings of 51 cents per share in the same quarter last year, marking 17.65% year-over-year growth.
The company reported quarterly sales of $4.11 billion, up from $1.56 billion year-over-year. Net contribution rose 28% year-over-year to $215 million, while adjusted EBITDA increased 43% to $78 million, supported by stronger contribution and disciplined cost management.
Assets under administration expanded 76% year-over-year to $20.8 billion, while funded accounts grew 16% year-over-year to 3.73 million users.
According to co-founder and CEO Yoni Assia, the company remains focused on executing its strategy across “four key pillars: trading, investing, wealth management and neo-banking, developing new products and services that deliver value to users across every step of their investing journey.”
Alongside its earnings report, EToro said its board approved a share repurchase program of up to $150 million. The company plans to launch an accelerated share repurchase agreement to buy back around $50 million worth of common stock under the new authorization. Management said the current share price doesn’t fully reflect EToro’s underlying value, making repurchases a smart use of capital.
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