eToro (ETOR) Stock Climbs as Commodities Save the Quarter

TLDR

• eToro Q1 adjusted EPS came in at 91 cents, beating the 73-cent analyst estimate
• Revenue was $2.44 billion, down from $3.76 billion a year ago as crypto trading fell
• Crypto volume dropped 32% year over year in April
• Commodities trading made up roughly 60% of trading commissions in Q1, with volumes up nearly fourfold
• ETOR stock jumped around 6.5% in premarket trading to $41.20

eToro (ETOR) posted first-quarter results Tuesday that came in ahead of Wall Street expectations, sending the stock up roughly 6.5% in premarket trading to $41.20.

The headline profit number was the story. Adjusted earnings came in at 91 cents per share, well above the 73-cent consensus estimate from analysts. That compares to 77 cents per share in the same quarter last year.

Revenue, however, fell sharply. The company brought in $2.44 billion in Q1, down from $3.76 billion a year ago. The drop was driven by a slowdown in crypto trading activity, which has been under pressure from lower cryptocurrency prices.

eToro Group Ltd., ETOR

Despite the revenue decline, costs fell further, which helped the bottom line hold up. Adjusted quarterly profit totalled $86 million, up from $67 million a year earlier.

Crypto volume in April was down 32% year over year, the company said. That’s a headwind eToro is clearly dealing with, but it didn’t stop the quarter from being a beat.

Commodities Pick Up the Slack

What cushioned the blow was a strong surge in commodities trading. Net trading contribution from equities, commodities and currencies jumped 71% year over year to $166 million.

Commodities alone accounted for around 60% of trading commissions in the quarter, with volumes rising nearly fourfold from a year earlier.

Market volatility in early 2026 appears to have been a driver. Escalating tensions in the Middle East stoked inflation concerns and rattled investors, pushing more people to reposition their portfolios.

That kind of environment tends to benefit trading platforms. More volatility typically means more trades.

eToro also rolled out 24/7 trading for commodities, equities and indices during the quarter, expanding its product offering to retail users.

What Management Said

CEO Yoni Assia pointed to continued investment in on-chain technologies and AI-driven tools as areas of focus going forward.

Last month, eToro acquired crypto wallet provider Zengo, adding to its digital asset capabilities at a time when its core crypto trading business is under pressure.

The stock has gained around 10% this year as of the last close, though it remains below its IPO price of $52, which was set at the time of eToro’s Nasdaq debut in May 2025.

The Q1 adjusted profit beat, combined with the commodities trading surge, appears to be what’s driving the stock higher on Tuesday.

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