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

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

<p>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.</p><p>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.</p><p>The revenue figure declined <a href="https://www.financemagnates.com/institutional-forex/virtu-financial-posts-6047-million-in-revenues-for-q2-2022/" target="_blank">quarter-over-quarter </a>from the $604.7 million it generated in Q2. Its net income declined drastically from $148.9 million in the previous quarter.</p><p>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.</p><p>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.</p><p>A Significant Player in the Financial Services Industry</p><p>The service of <a href="https://www.financemagnates.com/tag/virtu-financial/" target="_blank">Virtu</a> includes <a href="https://www.financemagnates.com/terms/e/execution/" target="_blank" id="60010adb-9e25-4bff-9822-c9210deec853_1" class="terms__main-term">execution</a> services and solutions around data, analytics and <a href="https://www.financemagnates.com/terms/c/connectivity/" target="_blank" id="67c58fee-a85e-483c-8fac-648b94f10aab_1" class="terms__secondary-term">connectivity</a>. In addition, it delivers liquidity to the global markets.</p><p>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 <a href="https://www.financemagnates.com/institutional-forex/virtu-posts-record-q1-revenue-sides-300m-for-share-buyback/" target="_blank">sided $300 million</a> last year for share buyback. Meanwhile, the board of the company has also approved a quarterly cash dividend distribution of $0.24 per share.</p>

This article was written by Arnab Shome at www.financemagnates.com.

Source: Virtu Financial's Q3 Net Income Declined by 35% YoY