eToro Records 26 Percent Revenue Growth in Q2, Assets Exceed USD17 Billion
eToro's revenue in the first quarter increased by 26% to $210 million, with assets under management jumping by 54% to $17.5 billion, thanks to their expansion into Asian markets and the launch of new products.
The first quarter of forex broker eToro as a public company was marked by impressive growth and a series of new initiatives. This social trading platform reported a net income of $210 million for the three months ended June 30, up 26% from the previous year.
The number of active accounts also saw an increase, rising 14% to 3.63 million, while EBITDA surged 31% to $72 million. Although net income fell slightly to $30.2 million—mainly due to IPO costs of $15 million—adjusted income rose to $54.2 million, with diluted earnings per share of $0.56. eToro ended the quarter with a strong cash position, with approximately $1.2 billion in cash and short-term investments.
One of the main highlights for forex broker eToro is the surge in managed assets, which soared 54% to $17.5 billion. This growth was driven by the acquisition of Spaceship in Australia and strong organic cash flow. The company's efforts to enter new markets and products also played a key role.
eToro officially opened its operational headquarters in Singapore and launched a series of new features, including 24/5 US stock trading, an expanded crypto offering with over 100 assets, and the launch of AI-backed Alpha Portfolios. The brokerage also announced plans to tokenize popular stocks and ETFs like Apple, Tesla, and Nvidia using ERC-20 tokens on Ethereum, as well as introducing futures trading through CME Group.
CEO Yoni Assia highlighted the importance of regional expansion and innovation, emphasizing that eToro's strategy focuses on making retail investments more accessible and ready for the future, with AI and tokenization as key priorities.
Other than that, in the previous forex broker news, it was reported that eToro partnered with Franklin Templeton to offer target date strategies, launching a French savings product and recurring investments in the UAE, and introducing the eToro Money card in Europe, which offers stock rewards and no foreign exchange fees.