Virtu Financial Sees 141% Q2 2020 Revenue Jump

The increased market activity due to the COVID-19 volatility has contributed to this rise.

Virtu Financial Inc., a provider of liquidity to the global financial markets, has announced its financial results for the second quarter of 2020, ending June 20. It posted the total revenue of $905.9 million, which is a year-on-year jump of 141 percent.

Over six months, the company’s total revenue surged above 159 percent compared to the first half of the previous year, reaching $1.9 billion.

The Most Diverse Audience to Date at FMLS 2020 – Where Finance Meets Innovation

The company pointed out that the significant increase in revenue for the last two quarters was due to COVID-19 induced volatility, bid-ask spreads and trading volumes across global markets and asset classes.

During the second quarter, the financial service provider generated a net income of $335.3 million, with a normalized adjusted net income of $340 million. The net trading income for Q2 increased by 261.3 percent to $744 million.

Suggested articles

How to Acquire New Clients Using Content MarketingGo to article >>

When broken down, the basic earnings per share of the company stood at $1.59, while the diluted earnings per share were $1.58. The normalized adjusted EPS was reported to be $1.73 for the period.

Commenting on the numbers, Virtu’s CEO Doug Cifu said: “We delivered solid results in the second quarter, with both Market Making and Execution Services performing well, reflecting the strong progress we are making in our organic growth initiatives as well as higher trading volumes across global asset classes and sustained levels of retail engagement.”

Expanding Its Market Reach on a Global Scale

Listed on NASDAQ with the ticker VIRT, Virtu recently launched a new analytics product dedicated to forex algorithmic execution as a part of its global offering expansion.

Finance Magnates also reported on the acquisition of Virtu’s Canadian ‘dark pool’ by Cboe Global Markets for an undisclosed price.

Meanwhile, the company was fined by the US market regulators multiple times this year, due to the violations and failures in order execution.

Got a news tip? Let Us Know