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

Thursday, 03/11/2022 | 12:29 GMT by Arnab Shome
  • 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

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 services and solutions around data, analytics and connectivity . 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 services and solutions around data, analytics and connectivity . 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.

About the Author: Arnab Shome
Arnab Shome
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Arnab is an electronics engineer-turned-financial editor. He entered the industry covering the cryptocurrency market for Finance Magnates and later expanded his reach to forex as well. He is passionate about the changing regulatory landscape on financial markets and keenly follows the disruptions in the industry with new-age technologies.

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