XTB Reports 67% Revenue Growth in Q3

In financial reports this week, XTB reported its preliminary and operating financial results for the third quarter, highlighting growth in client acquisition and profit during the period. The publicly listed Polish fintech company attracted over 108,000 new clients, a 60% increase year-over-year. It also reported a consolidated net profit of PLN 203.8 million, nearly doubling its earnings from the previous year.

XTB posted a consolidated revenue of PLN 470.2 million, marking a 67.3% increase compared to the same quarter in 2023. The firm attributed the significant revenue growth to heightened market volatility observed in July and August, which reportedly facilitated sustained trading activity.

Plus500's Average Deposits Surge to $6,150

Plus500 reported a notable growth in the third quarter of 2024. Its revenue climbed 11% to $187.3 million, and new customer acquisition surged 21% year-over-year. The company's EBITDA reached $82.2 million, marking a 2% increase from the previous year. However, the EBITDA margin contracted to 44% from 48% as the company continued its strategic investments in market expansion and product development.

“During the quarter, revenue and EBITDA increased by 11% and 2% year-on-year, respectively, highlighting our continued investment in attracting new customers, which resulted in the number of new customers increasing by 21% compared to Q3 2023,” commented David Zruia, Chief Executive Officer of Plus500.

NAGA’s Revenue Reaches €31.7M Following Merger

NAGA Group also released its half-year report, presenting unaudited financial results for the first six months of 2024. During this period, the firm highlighted the completion of a merger with Key Way Group, owner of CAPEX.com. The merger reportedly contributed to nearly doubling NAGA’s registered users, total deposits, and trading volume.

NAGA registered revenue of EUR 31.7 million in H1 2024 on a pro-forma basis, compared to EUR 36.0 million in H1 2023. According to the firm, the increase followed a strategic shift aimed at improving profitability and operational efficiency, including the elimination of unprofitable business units.

Robinhood Postes Crypto Gains in Q3

Robinhood experienced substantial gains from its crypto offerings, with the trading volume on the platform doubling to $14.4 billion. This resulted in a 65 percent increase in revenue from this segment, totaling $61 million. American trading platform generated $637 million in revenue for the third quarter of 2024, marking a 36% increase.

Of this, transactions-based revenue grew to $319 million, up 72 percent. Although crypto revenue posted the largest gains, options trading remained Robinhood’s primary revenue generator, contributing $202 million, a 63% year-over-year increase. Revenue from equities trading also rose by 37% to $37 million.

Q3 Slowdown Hits Coinbase, Pledges $25M for Political Funding

Coinbase missed Wall Street’s Q3 2024 revenue estimate of $1.26 billion, reporting $1.2 billion. Its earnings per share of $0.28 also fell short of analyst expectations of $0.45. The crypto exchange’s EBITDA of $449 million also missed expectations by $20.2 million.

The missed estimates impacted the company’s share price, which dropped by almost 5 percent in after-hours trading. In a letter to shareholders, Coinbase attributed the slowdown to “softer market conditions.” The exchange's total revenue declined by 17 percent quarter-over-quarter, with transaction revenue at $573 million, down 27 percent.