PANews reported on November 11th, citing Techinasia, that eToro, the Israeli trading platform that went public in New York six months ago, announced it will spend $150 million to repurchase shares, given that its stock price has fallen by approximately 30% from its initial public offering (IPO) price. This repurchase is unusual for a company that has only recently gone public, suggesting that management believes its stock is undervalued. The company's third-quarter report showed net income of $56.8 million, up from $38.5 million in the same period last year. Net contributions increased by 28% to $215 million; the number of active deposited accounts increased by 16% to 3.7 million; and assets under management surged by 76% to $20.8 billion. While eToro also supports stock investment and social trading, the majority of its business remains focused on cryptocurrency trading. According to previous reports, eToro's revenue from crypto assets reached $3.97 billion in the third quarter, with corresponding costs of $3.89 billion.PANews reported on November 11th, citing Techinasia, that eToro, the Israeli trading platform that went public in New York six months ago, announced it will spend $150 million to repurchase shares, given that its stock price has fallen by approximately 30% from its initial public offering (IPO) price. This repurchase is unusual for a company that has only recently gone public, suggesting that management believes its stock is undervalued. The company's third-quarter report showed net income of $56.8 million, up from $38.5 million in the same period last year. Net contributions increased by 28% to $215 million; the number of active deposited accounts increased by 16% to 3.7 million; and assets under management surged by 76% to $20.8 billion. While eToro also supports stock investment and social trading, the majority of its business remains focused on cryptocurrency trading. According to previous reports, eToro's revenue from crypto assets reached $3.97 billion in the third quarter, with corresponding costs of $3.89 billion.
eToro launched a $150 million stock buyback program after its stock price plummeted.
PANews reported on November 11th, citing Techinasia, that eToro, the Israeli trading platform that went public in New York six months ago, announced it will spend $150 million to repurchase shares, given that its stock price has fallen by approximately 30% from its initial public offering (IPO) price. This repurchase is unusual for a company that has only recently gone public, suggesting that management believes its stock is undervalued. The company's third-quarter report showed net income of $56.8 million, up from $38.5 million in the same period last year. Net contributions increased by 28% to $215 million; the number of active deposited accounts increased by 16% to 3.7 million; and assets under management surged by 76% to $20.8 billion. While eToro also supports stock investment and social trading, the majority of its business remains focused on cryptocurrency trading.
According to previous reports, eToro's revenue from crypto assets reached $3.97 billion in the third quarter, with corresponding costs of $3.89 billion.
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