eToro reported a 74% drop in net income in Q3, falling from $57 million last year to around $15 million. The main reason was weaker trading activity, particularly in crypto.

Interestingly, the platform continued to grow its customer base, reaching 4.39 million funded accounts, up 18%. Assets under administration also increased to $20.8 billion.

The company also announced a $250 million share buyback program.

My take: It's a good example of how growing your user base doesn't necessarily mean making more money. Even with more customers, lower trading activity can significantly impact revenue, especially when crypto markets become less active.