BGC Partners Registers Slight Drop in Total Revenue for Q3 2022

BGC Partners, Inc., a leading global brokerage and financial technology company, today released its financial results for the third quarter of 2022 ended September 30 (Q3 2022), which showed a slight decrease in total revenue compared to last same period.

Specifically, the firm generated $416.6 million total revenue in Q3 2022, 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.

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Besides, GAAP income from operations before income taxes stood at $19.0 million, enjoying a yearly surge of 192.3%. GAAP net income for fully diluted shares was $7.4 million, rising 164.6% on a yearly basis. And post-tax adjusted earnings grew 4.1% to $77.5 million, with adjusted EBITDA rising to $107.0 million from $93.6 million in the last same period.

Howard W. Lutnick, Chairman and CEO of BGC Partners, stated, "Our pre-tax earnings margin expanded by over 800 basis points and our pre-tax Adjusted Earnings margin expanded by over 300 basis points. This represents the eighth consecutive quarter of Adjusted Earnings margin improvement, driven by our high margin, electronic Fenics business.

With our strong margins firmly in place, we welcome the return of interest rates, increasing trading volumes and wider spreads, which we expect to drive our revenue growth for the foreseeable future and produce record levels of profitability for BGC."

In August, Fazzaco reported that the brokerage firm generated total revenue of $435.8 million during the Q2 2022​, which declined 4.9% versus last year.