BGC Partners Expects Flat Revenue on a Yearly Basis in Q4 2022

BGC Partners, Inc., a leading global brokerage and financial technology company, announced that it has updated its outlook for the quarter ending December 31, 2022.

BGC's revenue and pre-tax Adjusted Earnings for the fourth quarter of 2022 are now expected to be above the midpoint of the range of its previously stated outlook. BGC's revenue would have been approximately $14 million higher, if not for the stronger U.S. dollar during the period, and in-line with last year's fourth quarter revenue, excluding Insurance.

This guidance reflects continuing FX headwinds for the euro and pound sterling, which are tracking 11% and 13% lower, respectively, versus the U.S. dollar, on average, compared to the year ago period.

For the third quarter of 2022, BGC Partners generated $416.6 million total revenue​, down 1.3% on a yearly basis, but up 4.1% on a Constant Currency basis. And Fenics, BGC's higher margin, technology-driven business, hit record Q3 revenue of $105.6 million, taking up around 1/4 of total revenue.