Virtu Financial Delivers Strong Q3 Performance with 47% Net Income Growth

<p>Virtu Financial has released its financial results
for the third quarter of 2023, highlighting solid performance. The New
York-based electronic market maker reported a net income of $117.6 million for
the third quarter, representing an upturn of 47% compared to last year. </p><p>The firm’s total revenue for the quarter amounted to
$630.2 million, marking an increase of 12.3% compared to the third quarter of
2022. However, the trading income dropped to $316.1 million, down from $397.4
million in the same period last year. </p><p>Share Buybacks and Dividend Payout</p><p><a href="https://www.financemagnates.com/tag/virtu-financial/" target="_blank" rel="follow">Virtu Financial</a> executed a share buyback totaling
$48.8 million, equivalent to 2.7 million shares. Moreover, the company's Board
of Directors has declared a quarterly cash dividend of $0.24 per share, payable on
December 15, 2023, to shareholders of record as of December 1, 2023.</p><p>Virtu operates in two primary segments: Market-making
and <a href="https://www.financemagnates.com/terms/e/execution/">execution</a> services. Market-making involves trading cash, futures, and
options across various global markets. Execution services provide trading
services in global <a href="https://www.financemagnates.com/terms/e/equities/">equities</a>, options, futures, and fixed income. The company
also offers proprietary technology and infrastructure to third parties.</p><p>As of September 30, 2023, Virtu had $726.4 million
in cash, cash equivalents, restricted cash, and total long-term debt
outstanding of $1,805.4 million. </p><p>Virtu Financial's Recent Financial Performance</p><p>During the second quarter, Virtu Financial <a href="https://www.financemagnates.com/institutional-forex/virtu-financials-q2-trading-income-fallsas-revenue-shrinks-17-to-507m/" target="_blank" rel="follow">reported a decline in revenue</a> and net trading income. Its total revenue for the quarter
was $506.9 million, representing a decrease of 17% quarter-over-quarter (QoQ)
and a drop of 16.2% year-over-year (YoY). Net trading income for the
quarter amounted to $306.2 million, showing a decline of 26% QoQ and a plunge
of 23% YoY.</p><p>Total revenue for the quarter came in at $506.9
million, marking a significant slump of 17% compared to the previous quarter.
This decrease is also evident when looking at the YoY comparison, with a reduction
of 16.2% from the same period in 2022.</p><p>During the second quarter, Virtu Financial reported
a net trading income of $306.2 million, indicating a downturn of 26% from the
previous quarter, where it was $411.5 million. Additionally, this figure
reflects a fall of 23% YoY compared to the net trading income of $395.9 reported last year.</p><p>In August, Virtu Financial <a href="https://www.financemagnates.com/institutional-forex/virtu-financial-enhances-retail-investors-access-to-primary-markets/">partnered with InvestorLink</a> to break down barriers to primary and initial public offering
markets. This partnership enables retail investors to invest in companies early
in their development.</p>

This article was written by Jared Kirui at www.financemagnates.com.