Virtu Financial Sees Sharp Drop in Revenues in Q1 2022

New York-based Virtu Financial Inc. (NASDAQ: VIRT), a financial services and technology provider, reported its financial figures for the first quarter of 2022, ending on March 31, indicating a drop in revenues and net income.

More specifically, total revenues reached $701.3 million, down by 30.7% compared to Q1 2021's $1,012.6 million. Net income totaled $199.9 million for this quarter, compared to the prior year's $409.2 million. Normalized adjusted net income reached $231.8 million.

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In terms of adjusted EBITDA, the figure amounted to $343.8 million, and adjusted EBITDA margin stood at 68.1%. Basic earnings per share totaled $0.99 and diluted earnings per share came in at $0.98. In addition, normalized adjusted EPS was $1.27. 

Net trading income recorded $522.3 million, showing a YoY decrease of 35.7%. Moreover, the adjusted net trading income touched $505.1 million.