eToro Fintech Platform Cuts 100 Jobs Globally, Half in Israel
Translated & summarized from Cursorinfo by baba
Israeli fintech platform eToro is laying off approximately 100 employees globally, with about half of the cuts affecting its Israeli office. The company attributes the workforce reduction to the integration of AI technologies aimed at increasing efficiency and reducing costs. This comes after a third-quarter report showed a 13% year-over-year decrease in net revenue, largely due to a decline in cryptocurrency trading, though overall profit and assets under management remain strong.
The story in 5 lines · by baba
- eToro is cutting about 100 jobs worldwide, with nearly half impacting its Israeli office.
- The layoffs are linked to the integration of AI technologies to boost efficiency and cut costs.
- Third-quarter revenue dropped 13% year-over-year, mainly due to a 53% fall in crypto trading income.
- Despite revenue dip, eToro's nine-month profit reached $150 million and assets under management hit $20.8 billion.
- The company has initiated a $250 million share buyback program with $1.2 billion in free cash.
The Israeli fintech platform eToro has announced a global workforce reduction of approximately 7%, affecting around 100 employees. Nearly half of these layoffs will impact the company's Israeli office. This restructuring is attributed to the ongoing integration of artificial intelligence technologies, which are expected to accelerate product development and significantly lower operational costs.
Sources indicate that the decision to restructure has been under consideration for several months and is not a reaction to short-term financial fluctuations. During a recent investor call, CEO Yoni Assia and CFO Meron Shani confirmed that the increased efficiency stems from process automation and AI tools, projecting a reduction in overall company expenses by over 5% in the fourth quarter.
The layoffs follow the release of eToro's third-quarter 2026 financial report, which showed a cooling of user trading activity due to decreased market volatility. Net revenue for the quarter fell 13% year-over-year to $186 million, primarily driven by a 53% decline in revenue from the cryptocurrency segment, which amounted to $26 million.
Despite the quarterly dip in crypto trading, eToro's long-term performance remains robust. For the first nine months of 2026, net profit rose to $150 million, the client base expanded by 18% to 4.39 million active accounts, and assets under management reached $20.8 billion. The company also reported $1.2 billion in free cash reserves at the end of the third quarter, enabling a $250 million share buyback program.
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