eToro slides on US expansion plans as 70% crypto activity slowdown clouds estimate beat

eToro (NASDAQ: ETOR) beat Wall Street expectations for its business when it reported $53 million in Q2 net income as markets opened on Tuesday. The trading platform announced that it had reached a $231 million deal to acquire the US brokerage TradeZero in the same disclosure that also revealed a sharp drop in its crypto trading section from the year before.

The news of the estimate beat did not give the firm’s ETOR stock a much-needed lifebuoy as it continued the downtrend from the previous session. eToro is now down more than 8% in early Tuesday trading, exchanging at $31.15 per share as of this Cryptopolitan report.

The slide continues what has been a year to forget for eToro after seeing its market value drop to $2.51 billion per Google Finance. 

A GAAP net income jump of 77%

Per the documentation from eToro, the firm posted adjusted diluted earnings of $0.68 per share for the quarter ended June 30 on its Nasdaq-listed ETOR ticker. Beating the $0.61 consensus extends eToro’s streak to four consecutive quarters.

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