BGC Partners' Total Revenue Declined 4.9% YoY During Q2 2022

BGC Partners, Inc., the leading brokerage and financial technology company, released its financial results for the quarter ended June 30, 2022. The company generated total revenue of $435.8 million during the second quarter of 2022, which declined 4.9 percent versus last year.

BGC Partners continues to make progress in automating its overall business. Fenics, BGC's higher margin, technology-driven business, now represents for the first time over 25 percent of BGC's total revenue. Fenics generated record second quarter revenue of $109.6 million, growing at a leading rate of 13.0 percent.

For the second quarter of 2022, BGC Partners' GAAP income from operations before income taxes was $31.4 million, up 66.7% compared to the result last year. The company sees a 2.8% decline from $117.2 million to $113.9 million in adjusted EBITDA. In addition, the post-tax adjusted earnings reached $84.7 million, 2.6% lower than the result of $87 million reported for the equivalent quarter in 2021.

Howard W. Lutnick, Chairman and CEO of BGC Partners said:"BGC's Adjusted Earnings margins continued to improve, representing the seventh consecutive quarter of year-over-year margin expansion. Our sustained margin improvement reflects higher levels of automation and digitization across our overall business. Fenics registered another quarter of double-digit revenue growth, outpacing the industry and our overall business, and now represents over 25 percent of our overall revenue, its highest mark ever."