Virtu Financial Sees 12.9% YoY Decrease in Total Revenue for Q1 2023

Leading market maker Virtu Financial has reported its financial results for the fourth quarter (Q1) ended March 31, 20223, revealing a 12.9% decrease in total revenue on a YoY basis.

• Total revenue amounted to $610.5 million for the quarter, 12.9% lower than $701.3 million in Q1 2022 and 22.6% higher than $497.8 million in Q4 2022​.

• Net trading income totaled $110.1 million in this quarter, dropping 44.9% compared to $199.9 million on a yearly basis and dropping 64.9% compared to $313.3 million in Q4 2022.

• Basic and diluted earnings per share in Q1 2023 were $0.56, comparing to a basic and diluted earnings per share of $0.99 and $0.98 respectively in Q1 2022.

• Adjusted net trading income came in at $373.1 million, decreasing 26.1% compared to $505.1 million for the same period of 2022.

• Adjusted EBITDA dropped by 39.6% from $343.8 million to $207.5 million on a yearly basis.

• Normalized Adjusted Net Income, removing one-time and non-cash items, stood at $127.6 million for the quarter, a decrease of 45.0% compared to $231.8 million in last Q1.