Virtu Financial announced its Q1 2023 financial results, reporting a net income of $110.1 million.
Results were better quarterly but worse compared to Q1 2022.
Virtu
Financial (NASDAQ: VIRT), an electronic market maker, has announced its financial
results for the first quarter of 2023. The company reported a total revenue of
$610.5 million, increasing by 22.6% compared to the previous three-month
period. However, the year-over-year (YoY) metrics were 12.9% lower.
Virtu Financial Reports Higher
Revenue and Income in Q1 2023
In the
first quarter of 2023, Virtu Financial generated a net trading income of $411.5
million. The company's adjusted net trading income amounted to $373.1 million,
and the adjusted EBITDA was $207.5 million, with an adjusted EBITDA margin of
55.6%. Furthermore, under the Share Repurchase Program, the company conducted
share buybacks totaling $75.6 million, or 3.9 million shares.
When
comparing Virtu Financials' performance in Q1 2023 to Q4 2022, the company
experienced an increase of 31.3% in net trading revenue. The adjusted net trading
income per day rose by 38%, which comprised an increase of 53% in market-making
adjusted net trading income per day and an increase of 8% in execution services
adjusted net trading income per day.
As of 31
March 2023, Virtu Financial reported having $809.2 million in cash, cash
equivalents, and restricted cash. The company's total long-term debt
outstanding in an aggregate principal amount was $1,808.3 million.
In
addition, the Virtu Financial, Inc. Board of Directors declared a quarterly
cash dividend of $0.24 per share.
Worse Results for Virtu
than a Year Ago
Although
the quarterly results were significantly better compared to Q4 2022, the same
period a year earlier showed an evident decline in total revenue and net
trading income. Total revenue in Q1 2022 came in at $701.3 million, mainly due
to better results in the Market Making division, which amounted to $545.56
million compared to $489 million last quarter.
Adjusted
net trading income ranked at more than $505 million a year earlier, nearly
double the currently reported results. On the other hand, the final net income
was almost $200 million compared to the $110 million reported today. Thus, trading
income contracted 21% YoY and total revenues reduced 12.9%.
Three
months ago, Virtu presented its financial report for the fourth quarter and the
entire year of 2022, also showing lower revenues and net trading income compared
to the same period a year earlier.
In the
fourth quarter, the financial services and products provider saw a decrease of 43.6% YoY in total revenue, dropping from $485.6 million to $274.1 million. In addition, the
company experienced a quarterly decline, with revenues falling from $561
million in the third quarter. The weak revenue performance had a negative
impact on the net income, which came in at $39.6 million in Q4 2022, compared
to $186 million in the same quarter of the previous year. In contrast, the net
income in Q3 2022 was $79.9 million.
In
addition, the company has launched a lawsuit against the Securities and
Exchange Commission (SEC), which oversees the securities market in the United
States. The lawsuit is based on the Freedom of Information Act (FOIA). It aims
to compel the federal regulator to provide information about its rulemaking
process and the interaction of 'interested parties' with SEC's Chair, Gary
Gensler.
Virtu
Financial (NASDAQ: VIRT), an electronic market maker, has announced its financial
results for the first quarter of 2023. The company reported a total revenue of
$610.5 million, increasing by 22.6% compared to the previous three-month
period. However, the year-over-year (YoY) metrics were 12.9% lower.
Virtu Financial Reports Higher
Revenue and Income in Q1 2023
In the
first quarter of 2023, Virtu Financial generated a net trading income of $411.5
million. The company's adjusted net trading income amounted to $373.1 million,
and the adjusted EBITDA was $207.5 million, with an adjusted EBITDA margin of
55.6%. Furthermore, under the Share Repurchase Program, the company conducted
share buybacks totaling $75.6 million, or 3.9 million shares.
When
comparing Virtu Financials' performance in Q1 2023 to Q4 2022, the company
experienced an increase of 31.3% in net trading revenue. The adjusted net trading
income per day rose by 38%, which comprised an increase of 53% in market-making
adjusted net trading income per day and an increase of 8% in execution services
adjusted net trading income per day.
As of 31
March 2023, Virtu Financial reported having $809.2 million in cash, cash
equivalents, and restricted cash. The company's total long-term debt
outstanding in an aggregate principal amount was $1,808.3 million.
In
addition, the Virtu Financial, Inc. Board of Directors declared a quarterly
cash dividend of $0.24 per share.
Worse Results for Virtu
than a Year Ago
Although
the quarterly results were significantly better compared to Q4 2022, the same
period a year earlier showed an evident decline in total revenue and net
trading income. Total revenue in Q1 2022 came in at $701.3 million, mainly due
to better results in the Market Making division, which amounted to $545.56
million compared to $489 million last quarter.
Adjusted
net trading income ranked at more than $505 million a year earlier, nearly
double the currently reported results. On the other hand, the final net income
was almost $200 million compared to the $110 million reported today. Thus, trading
income contracted 21% YoY and total revenues reduced 12.9%.
Three
months ago, Virtu presented its financial report for the fourth quarter and the
entire year of 2022, also showing lower revenues and net trading income compared
to the same period a year earlier.
In the
fourth quarter, the financial services and products provider saw a decrease of 43.6% YoY in total revenue, dropping from $485.6 million to $274.1 million. In addition, the
company experienced a quarterly decline, with revenues falling from $561
million in the third quarter. The weak revenue performance had a negative
impact on the net income, which came in at $39.6 million in Q4 2022, compared
to $186 million in the same quarter of the previous year. In contrast, the net
income in Q3 2022 was $79.9 million.
In
addition, the company has launched a lawsuit against the Securities and
Exchange Commission (SEC), which oversees the securities market in the United
States. The lawsuit is based on the Freedom of Information Act (FOIA). It aims
to compel the federal regulator to provide information about its rulemaking
process and the interaction of 'interested parties' with SEC's Chair, Gary
Gensler.
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
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20-22 MAY 2024
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Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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