GCAP shares are still up 156% so far in 2013.

Forex broker Gain Capital (NYSE:GCAP), which operates the retail Forex.com and institutional Gain GTX brands, saw its shares dive by 7% on Thursday after announcing Q3 results that were down significantly from Q2.

We’d like to note that virtually all the forex industry blogs we saw, except LeapRate, basically regurgitated yesterday’s Gain Capital press release about how Q3 revenues were “up 52%” — but that was as compared to last year. The relevant comparison, of course, is to last quarter, when Gain reported in Q2 absolutely stupendous, out-of-the-ballpark, best-quarter-ever financial results. And stacked next to those, Q3 didn’t look so good. So our headline read “Gain Capital Q3 revenues drop 17%, profits dive 73%”.

And Wall Street seemed to agree, sending GCAP shares on a bit of a roller coaster ride, before settling down 7% for the day.

Nevertheless, despite yesterday’s cooling off, Gain Capital shares have made a remarkable comeback in 2013, from just above $4 at the beginning of the year to a recent high of $14.62, before settling back now at $10.47.

Gain Capital one year share price chart. Source: Yahoo! Finance.

For more on the global Forex industry see the LeapRate-Dow Jones Forex Industry Report.