Virtu Financial’s Q3 Net Income Declined by 35% YoY
- Its revenue increased by 3.1 percent year-over-year.
- Basic and diluted EPS for the quarter came in at $0.38 and $0.37, respectively.
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
The service of Virtu includes execution Execution Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a co Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a co Read this Term services and solutions around data, analytics and connectivity Connectivity Connectivity is defined as a term used for connecting devices to each other. In most cases, this refers to computer networking and more specifically includes bridges, routers, switches, gateways, and service as well as local networks. Connectivity can refer to simple forms, such as connecting a home or office to the internet or even connecting a digital camera to a computer or printer. Connectivity in FinanceConnectivity has taken on new meaning with the growth of fintech and Big Data collectio Connectivity is defined as a term used for connecting devices to each other. In most cases, this refers to computer networking and more specifically includes bridges, routers, switches, gateways, and service as well as local networks. Connectivity can refer to simple forms, such as connecting a home or office to the internet or even connecting a digital camera to a computer or printer. Connectivity in FinanceConnectivity has taken on new meaning with the growth of fintech and Big Data collectio Read this Term. In addition, it delivers liquidity to the global markets.
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.
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
The service of Virtu includes execution Execution Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a co Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a co Read this Term services and solutions around data, analytics and connectivity Connectivity Connectivity is defined as a term used for connecting devices to each other. In most cases, this refers to computer networking and more specifically includes bridges, routers, switches, gateways, and service as well as local networks. Connectivity can refer to simple forms, such as connecting a home or office to the internet or even connecting a digital camera to a computer or printer. Connectivity in FinanceConnectivity has taken on new meaning with the growth of fintech and Big Data collectio Connectivity is defined as a term used for connecting devices to each other. In most cases, this refers to computer networking and more specifically includes bridges, routers, switches, gateways, and service as well as local networks. Connectivity can refer to simple forms, such as connecting a home or office to the internet or even connecting a digital camera to a computer or printer. Connectivity in FinanceConnectivity has taken on new meaning with the growth of fintech and Big Data collectio Read this Term. In addition, it delivers liquidity to the global markets.
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.