Virtu Financial’s Q3 Net Income Declined by 35% YoY

Virtu Financial (Nasdaq: VIRT), an electronic market maker, ended the third quarter of 2022 with a net income of $79.9 million, which is a decline of 35 percent from $123.1 million generated in a similar quarter of the prior year. The normalized adjusted figure came in at $106.8 million.

The income was generated on total quarterly revenue of $561 million, which increased by 3.1 percent year-over-year. The net trading income of the company came in at $397.4 million, while the adjusted figure stood at $331.1 million, which decreased by 6.6 percent.

The revenue figure declined quarter-over-quarter from the $604.7 million it generated in Q2. Its net income declined drastically from $148.9 million in the previous quarter.

The official announcement on Thursday highlighted the basic and diluted earnings per share (EPS) to be $0.38 and $0.37, respectively. These figures were at $0.59 and $0.37, respectively, in the previous year. The normalized adjusted EPS for the latest three months came in at $0.61.

The company’s EBITDA for the three months decreased by 14.3 to $180.6 million. The adjusted EBITDA margin also dropped to 54.6 percent from 59.5 percent.

A Significant Player in the Financial Services Industry

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The New York-headquartered company further repurchased 3.4 million ordinary shares worth $80.6 million from the open market under an ongoing share buyback program. It sided $300 million last year for share buyback. Meanwhile, the board of the company has also approved a quarterly cash dividend distribution of $0.24 per share.