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The Star
11 hours ago
- Business
- The Star
Trading platform eToro beats profit estimates on retail investing boom
FILE PHOTO: The eToro logo is displayed on a screen during the company's IPO at the Nasdaq Market, in New York City, U.S., May 15, 2025. REUTERS/Brendan McDermid/File Photo (Reuters) -Stock and crypto trading platform eToro beat Wall Street views for profit in the second quarter on Tuesday, as retail investors maintained a firm risk appetite despite broader macroeconomic uncertainty due to new tariffs. Shares of eToro rose nearly 1% in premarket trading after results. Retail trading activity has been strong this year, buoyed by gains in U.S. equity markets and renewed interest in high-risk assets such as cryptocurrencies and tech stocks. Analysts say volatility from geopolitical tensions and shifting trade policies has done little to deter individual investors, who have been quick to capitalize on market swings and look for opportunities to "buy the dip". Net contribution, which deducts the cost of revenue from cryptoassets and margin interest expense, jumped 26% to $210 million from the year-ago quarter, driven primarily by increased trading activity. New-age fintech platforms have chipped away at the dominance of Wall Street incumbents in recent years, luring younger and tech-savvy investors with low fees, slick mobile apps and access to a wider range of assets. Funded accounts, referring to customers with deposited money, increased 14% in the quarter to 3.63 million, eToro said. A combination of accessible trading apps, volatile price moves and a steady flow of market news has kept retail engagement high, helping these platforms sustain growth. The financial technology company's assets under administration grew by 54% year-on-year to $17.5 billion. The company went public in May in a bumper U.S. initial public offering, with its shares surging on debut after pricing above the marketed range. They had ended the previous session about 6.3% above their IPO price. eToro posted an adjusted profit of 56 cents per share in the three months ended June 30. Analysts, on average, had expected 50 cents, according to estimates compiled by LSEG. (Reporting by Manya Saini in Bengaluru; Editing by Vijay Kishore)
The Star
05-08-2025
- Business
- The Star
Core Scientific shareholders balk at terms of CoreWeave merger offer, FT reports
FILE PHOTO: A screen displays the company logo for CoreWeave during the company's IPO at the Nasdaq Market, in New York City, U.S., March 28, 2025. REUTERS/Brendan McDermid/File Photo/File Photo
The Star
15-07-2025
- Business
- The Star
CoreWeave commits $6 billion to AI data center in Pennsylvania
FILE PHOTO: A screen displays the company logo for CoreWeave, Inc., Nvidia-backed cloud services provider, during the company's IPO at the Nasdaq Market, in New York City, U.S., March 28, 2025. REUTERS/Brendan McDermid/File Photo
The Star
07-07-2025
- Business
- The Star
CoreWeave to acquire crypto miner Core Scientific
FILE PHOTO: A screen displays the company logo for CoreWeave, Nvidia-backed cloud services provider, during the company's IPO at the Nasdaq Market, in New York City, U.S., March 28, 2025. REUTERS/Brendan McDermid/File Photo
The Star
26-06-2025
- Business
- The Star
CoreWeave in talks to buy Core Scientific, WSJ reports
A screen displays the company logo for CoreWeave, Inc., Nvidia-backed cloud services provider, during the company's IPO at the Nasdaq Market, in New York City, U.S., March 28, 2025. REUTERS/Brendan McDermid/File Photo (Reuters) -CoreWeave is in talks to buy Core Scientific, after the bitcoin miner rejected an earlier deal from the cloud provider last year, the Wall Street Journal reported on Thursday, citing people familiar with the matter. Shares of Core Scientific rose about 8% after the report, giving the company a market value of nearly $4 billion. Crypto miners use vast amounts of electricity to run their operations and are being increasingly targeted by bigger peers and AI technology companies, as they try to consolidate power supply for their energy-hungry enterprises. A deal could be finalized in the coming weeks, if talks don't face setbacks, the report said, adding that exact terms being discussed could not be learned. Core Scientific did not immediately respond to a Reuters request for comment. CoreWeave declined to comment. Core Scientific received an unsolicited non-binding proposal from CoreWeave in June last year to acquire all of the company's outstanding shares on a fully diluted basis for $1.02 billion, or $5.75 per share in cash. At the time, Core Scientific had said that the deal significantly undervalued it and was not in the best interests of the company and its shareholders. The two companies signed a series of 12-year contracts then, including an agreement under which Core Scientific would provide CoreWeave with about 200 MW of infrastructure to power its high-performance computing services. (Reporting by Juby Babu in Mexico City; Editing by Mohammed Safi Shamsi and Alan Barona)
