eToro (ETOR) Soars 9% on Earnings Blowout

We recently published 10 Stocks on a Hot Streak. eToro Group Ltd. (NASDAQ:ETOR) is one of the best-performing stocks on Tuesday.

eToro extended its gains for a third straight day on Tuesday, adding 9.30 percent to close at $41.24 apiece as investor sentiment was bolstered by a strong earnings performance in the third quarter of the year.

In an updated report, eToro Group Ltd. (NASDAQ:ETOR) said net income increased by 47.5 percent to $56.8 million from $38.5 million in the same period last year. Total revenues expanded by 162 percent to $4.1 million from $1.56 million year-on-year.

“Our results reflect the strength of our diversified revenue streams across segments and geographies, robust user engagement, and disciplined cost management, a trend that has continued into October. We continue to see momentum across key performance metrics with funded accounts up 16 percent and assets under administration up 76 percent year over year, underscoring our laser focus on increasing our customer base and share of wallet,” said eToro Group Ltd. (NASDAQ:ETOR) CFO Meron Shani.

On the same day, eToro Group Ltd. (NASDAQ:ETOR) announced plans to repurchase up to $200 million worth of its shares in line with its commitment to provide greater shareholder value.

Of the total, some $150 million has already secured the approval of the Board of Directors, while another $50 million is expected to be implemented under its accelerated share repurchase agreement.

“eToro believes that its current share price does not fully reflect the company’s fundamental value, and that repurchasing shares represents a prudent allocation of capital,” eToro Group Ltd. (NASDAQ:ETOR) said.

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READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

Disclosure: None. This article is originally published at Insider Monkey.