Plus500, the leading online-trading platform operator, has announced that it expects to fulfill the recently upgraded full-year revenue and earnings market expectations. However, the company experienced a decline in revenue and earnings on an annualized basis.
In the third quarter, Plus500 reported a 14% year-on-year decrease in revenue, amounting to $168.1 million. For the nine-month period ending on September 30, revenue dropped from $705.9 million to $536.6 million, reflecting lower trading volumes and decreased volatility in global financial markets during this period.
Earnings before interest, taxes, depreciation, and amortization (EBITDA) for the same quarter fell by 21% compared to the previous year, reaching $80.3 million.
Despite these declines, the third quarter demonstrated positive growth with a 5% increase in revenue and a 10% increase in EBITDA compared to the previous quarter.
Looking ahead, Plus500 is confident that it will meet market expectations for the full year. The projected figures stand at $645 million for revenue and $300 million for EBITDA. This is in comparison to the figures reported in 2022, which amounted to $832.6 million for revenue and $453.8 million for EBITDA.
Moreover, Plus500 continues its strategic plans with expansions into the U.S., Japan, and United Arab Emirates markets, showing promising progress.
Chief Executive David Zruia expressed satisfaction with the company’s performance during the third quarter of 2023. He attributed this success to Plus500’s focus on higher-value customer acquisition, geographic expansion, and product innovation. Despite challenges such as lower volatility and trading volumes in global financial markets, Plus500 remains resilient.
