Virtu Financial Sees 17% Decline in Q3 Total Revenues

New York-based Virtu Financial, a financial services and technology provider, reported its financial figures for the third quarter of 2021 ending on September 30, indicating a sharp drop in revenues and net income.

More specifically, total revenues reached $544.3 million during the period, down by 17% compared to $656.1 million for the same period in 2020. That number for the last quarter was $549.0 million.

Trading income, net, decreased 10.7% to $394.3 million for this quarter, compared to $441.3 million for the same period in 2020. Net income totaled $123.1 million for this quarter, compared to net income of $199.7 million in the prior year quarter.

In terms of adjusted EBITDA, the figure amounted to $210.7 million, and adjusted EBITDA margin stood at 59.5%. Basic and diluted earnings per share for this quarter was $0.59, compared to a basic and diluted earnings per share of $0.92 for the same period in 2020.

"This quarter exemplifies Virtu's diversified and resilient product and services offerings, as we delivered $0.70 per share for shareholders even in an ordinary environment for market makers. Our long-term plan is on-target as we continue to prioritize our platform, maintain our low-cost structure, and return capital to our shareholders,"the company stated.

Last month, Virtu Financial has partnered with DigiPlex​, the Nordic leader for scalable, sustainable and secure data centers, to host its low-latency electronic trading technology.