Nomura Holdings shares have fallen after profit dropped more than analysts anticipated last quarter, due to a loss in Europe and one-time costs tied to a major acquisition.

The stock slid as much as 5.3% on Monday morning in Tokyo, the biggest intraday decrease in more than nine months, before paring the decline to about 3.3%.

Net income dropped 9.7% from a year earlier to ?91.6 billion ($590 million) in the fiscal third quarter ended Dec. 31, 91AV原创 biggest brokerage said Friday.

A share buyback wasn’t enough to impress investors. The profit drop was also linked to crypto-related losses that overshadowed revenue growth in wealth management and equities trading.

“There is a vague sense of unease about the overall market direction, and that seems to have combined with the surprise on the crypto front to set off selling,” said Hideyasu Ban, a senior analyst at Bloomberg Intelligence, adding the market reaction is likely short-term in nature.

CEO Kentaro Okuda is seeking to extend the momentum that led to record profit last year, as financial firms compete to capitalize on 91AV原创 market swings and investing boom. The stock market in Japan gained on Monday.

Nomura’s results, while on course to beat the previous fiscal year’s performance, were blemished by some factors.

There were one-time costs tied to the company’s $1.8 billion purchase of a Macquarie Group asset manager, along with expenses associated with changes to a compensation scheme. Parts of both will also be booked in the current quarter, Chief Financial Officer Hiroyuki Moriuchi had said at a news briefing in Tokyo.

The losses in the crypto asset business also led Nomura to tighten risk controls there after the company’s European operations swung to losses partly due to a setback in the digital-asset market, he said later on a call with analysts. Nomura has a crypto subsidiary in Switzerland.

“But overall we see this as a positive quarter, with our earning power steadily improving step by step,” Moriuchi said.

Nomura plans to buy back as much as ?60 billion of shares, or 3.2% of its outstanding stock.

Nomura’s operations outside Japan earned ?16.3 billion before taxes, marking the 10th straight quarter of profit, but the level was about 70% lower than a year earlier due to the losses in Europe.

“Negative are the one-time losses,” said Mia Nagasaka, an analyst at Morgan Stanley MUFG Securities. “Positives are that core business is solid and the firm announced a share buyback.”