Financial services and products provider Virtu Financial, Inc. has released its financial results for the second quarter of the year, revealing lower revenue and net trading income.
According company’s financial statement, the total revenue during the quarter was $506.9 million, registering a 17% QoQ and 16.2% YoY drops.
The New York-based broker-dealer reported a net trading income of $306.2 million for the period. The number fell 26% from the previous quarter’s $411.5 million. Additionally, when compared to the second quarter of 2022, the income also saw a decline of 23% from the $395.9 million generated last year.
Moreover, Virtu Financial disclosed that its adjusted net trading income saw a 22% drop, reaching $278.7 million during the last quarter, down from the $357.4 million recorded in the second quarter of 2022. Furthermore, the electronic market maker’s adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) stood at $122 million, which represents a 43% decrease compared to the $209.3 million from the corresponding quarter of the previous year.
In their statement, Virtu Financial’s Board of Directors announced a quarterly cash dividend of $0.24 per share, consistent with the dividend declared in the previous quarter. On the other hand, the company’s earnings for the last quarter were reported at $0.16 in basic and diluted earnings per share, reflecting a significant 79% decline from the $0.78 earnings seen in Q2 of 2022.
Earlier this year, Michael T. Viola became chairman of Virtu Financial.
