eToro Q1 EPS远超预期，收入与AUA环比下降

For individual investors, the social investment platform eToro Group's first-quarter performance exceeded market expectations. The company's adjusted EPS is $0.92, higher than the consensus analyst expectation of $0.70; and above the previous quarter's $0.71 and last year's $0.77; the user base continues to expand with the number of funded accounts increasing to 4.02 million which is above expectations, but total revenue and revenue and AUA are below expectations or fell sequentially.

The management points to product expansion and enhanced customer engagement as the drivers of growth. CEO Yoni Assia stated that in the first quarter, the company introduced round-the-clock trading of commodities, stocks, and indices, added Japanese stocks, launched cryptocurrency trading in New York, and advanced AI-driven portfolio and xAI-related Tori integration.

Key data:

• Adjusted EPS of $0.92, higher than the consensus analyst expectation of $0.70, and also above the previous quarter's $0.71 and the same period last year's $0.77;

• Total revenue and revenue of $2.44 billion, below the previous quarter's $3.87 billion, and also lower than last year's $3.76 billion;

• Net contribution of $258 million, above the previous quarter's $227 million, up 19% year-over-year and exceeding Visible Alpha's consensus expectation of $232 million;

• Adjusted EBITDA of $108.5 million, above Visible Alpha's expectation of $81.9 million, and also higher than the previous quarter and the same period last year;

• Funded accounts increased to 4.02 million, above the previous quarter's 3.85 million, and exceeding Visible Alpha's expectation of 3.9 million;

• AUA of $17 billion, below Visible Alpha's expectation of $17.9 billion, and also lower than the previous quarter's $18.5 billion, but higher than last year's $14.8 billion.