eToro Group (NASDAQ:ETOR) beat Q1 estimates Tuesday on a near-fourfold surge in commodities trading, even as crypto volumes on the platform cratered.
CEO Yoni Assia told CNBC he expects Bitcoin (CRYPTO: BTC) to climb back near its October all-time high before year-end.
Commodities Carried The Quarter
eToro posted adjusted EPS of 91 cents, topping the 73-cent consensus, with net contribution up 19% year-over-year to $258 million. Commodities accounted for roughly 60% of trading commissions in the quarter and volumes jumped nearly 4x from a year earlier.
Assia pointed to a volatile macro environment as the catalyst for the surge, citing the ongoing war’s impact on oil and the effect of inflation and dollar devaluation on precious metals.
Crypto was the soft spot. April trades fell 32% year-over-year to 2 million, and the invested amount per crypto trade dropped …
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