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Virtu Financial Earnings: VIRT Stock Falls 7% Despite Better-Than-Expected Q2


Virtu Financial (NASDAQ:VIRT) earnings for the financial service company’s second quarter of 2020 have VIRT stock down on Friday. That’s despite it reporting adjusted earnings per share of $1.73, which beats out Wall Street’s estimate of $1.60. Its revenue of $905.9 million also comes in well above analysts’ estimate of $649.12 million.

Stock Image of a Red Graph with downward movement

Source: Vintage Tone / Shutterstock.com

Here’s what else is worth mentioning from the most recent Virtu Financial earnings report.

  • Adjusted per-share earnings are up 981.3% from 16 cents in the second quarter of 2019.
  • Revenue for the quarter comes in 141.5% higher than the $375.1 million reported in the same period of the year prior.
  • The Virtu Financial earnings report also has net income coming in at $335.29 million.
  • That’s a positive switch compared to the company’s net loss of $55.49 million from the same time last year.

Doug Cifu, CEO of Virtu Financial, said this in the company’s Q2 earnings report.

“We delivered solid results in the second quarter, with both Market Making and Execution Services performing well, reflecting the strong progress we are making in our organic growth initiatives as well as higher trading volumes across global asset classes and sustained levels of retail engagement.”

Virtu Financial doesn’t include guidance in its current earnings report. However, it does note that it has cash, cash equivalents and restricted cash of $748 million, as well as a total long-term debt of $1.77 billion as of June 30, 2020.

VIRT stock was down 7.3% when markets closed on Friday.

As of this writing, William White did not hold a position in any of the aforementioned securities.

Article printed from InvestorPlace Media, https://investorplace.com/2020/08/virtu-financial-earnings-hit-virt-stock/.

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