Nasdaq-listed StoneX Group Inc. today announced its financial results for the fiscal 2023 second quarter ended 31 March 2023.
For the three months between January and March 2023, the international brokerage reported an overall revenue of $16.16 billion which was slightly below the same period the previous year. However, the figure increased 24.3% on quarterly basis.
Operating revenue, however, jumped 39% compared to the first quarter the previous financial year and stood at $704.4 million. The numbers were also 7.57% up compared to first quarter of FY23.
In the first quarter of the year, net income came in at $41.7 million during the first quarter, registering a 35% drop compared to Q2 FY23. The number was also 45.6% lower than the previous quarter.
StoneX’s ROE also decreased to 13.8% in Q2 FY23. The diluted earnings per share (EPS) fell 37% during the latest quarter to $1.95 per share.
FX and CFDs demand
The forex and contracts for differences (CFDs) market generated operating revenue of $61.8 million, dropping 38% compared to the same period the previous year. However, the figure strengthened 26.6% quarter-on-quarter.
Sean M. O’Connor, CEO of StoneX Group Inc., stated:
We achieved another set of solid results in the fiscal second quarter 2023, delivering diluted EPS of $1.95 and an ROE of 13.8% for the quarter.
Trading conditions moderated during the quarter, but were offset by higher interest and fee earnings on our client float. We believe that macro conditions remain generally favorable for us, which should put us in a favorable position to continue to deliver shareholder value in the near future.
Earlier in April, StoneX partnered with Coinbase Derivatives Exchange (CDE) to offer its clients access to the full suite of CDE contracts cleared by Nodal Clear.
