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Trading Platform eToro Beats Profit Estimates, Targets US Growth with TradeZero Buy
eToro said TradeZero will add U.S. brokerage reach as crypto trades fell 73% in July and crypto revenue dropped about 30% year over year.
- On Tuesday, trading platform eToro announced it would acquire rival TradeZero in a deal worth up to $231 million while reporting second-quarter profit that beat Wall Street expectations.
- The company seeks to accelerate its United States expansion as crypto-related revenue fell about 30% to $1.34 billion from $1.9 billion in the prior-year quarter.
- Total revenue reached $1.59 billion in the second quarter, while cryptocurrency trades fell to 1.4 million in July, marking a 73% decline year-over-year.
- Nasdaq-Traded ETOR shares fell more than 5% in pre-market activity Tuesday, extending Monday's decline as investors weighed the TradeZero acquisition, which generated about $80 million in revenue.
- CEO Yoni Assia stated the deal creates a "faster path to launching new products for US customers," positioning eToro to bolster its presence in the United States.
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eToro tops Q2 expectations, agrees to acquire TradeZero for up to $231 million
Trading platform eToro beat Wall Street estimates for second-quarter profit on Tuesday and said it would buy rival TradeZero in a cash-and-stock deal worth up to $231 million, as it looks to accelerate its expansion in the US Markets continued to remain volatile during the reported quarter as persistent geopolitical tensions and evolving narratives surrounding […]
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Coverage Details
Total News Sources19
Leaning Left0Leaning Right2Center4Last UpdatedBias Distribution67% Center
Bias Distribution
- 67% of the sources are Center
67% Center
C 67%
R 33%
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