Full coverage· Economy· Updated
eToro Fintech Platform Cuts 100 Jobs Globally, Half in Israel
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.
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What happened
- 01eToro is cutting about 100 jobs worldwide, with nearly half impacting its Israeli office.
- 02The layoffs are linked to the integration of AI technologies to boost efficiency and cut costs.
- 03Third-quarter revenue dropped 13% year-over-year, mainly due to a 53% fall in crypto trading income.
- 04Despite revenue dip, eToro's nine-month profit reached $150 million and assets under management hit $20.8 billion.
- 05The company has initiated a $250 million share buyback program with $1.2 billion in free cash.
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.
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