Virtu Finacnial Inc., a provider of liquidity to the global financial markets, has announced its financial results for the second quarter of 2020, ending on June 20, posting total revenue of $905.9 million – a year-on-year jump of 141 percent.
On a half-yearly basis, the company’s total revenue surged over 159 percent compared to the first half of the previous year, touching $1.9 billion.
The company pointed out that the significant increase in the revenue for the last two quarters was due to the COVID-19 induced volatility, bid-ask spreads and trading volumes across global markets and asset classes.
During the quarter, the financial service provider generated a net income of $335.3 million, with a normalized adjusted net income of $340 million. The net trading income for Q2 increased 261.3 percent to $744 million.
The basic earnings per share of the company stood at $1.59, while the diluted earnings per share were $1.58. The normalized adjusted EPS was reported to be $1.73 for the period.
Commeinting on the numbers, Virtu’s CEO Doug Cifu said: “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.”
Expanding its market reach on a global scale
Listed on NASDAQ with the ticker VIRT, Virtu recently launched a new dedicated to forex algorithmic execution, as a part of its global offering expansion.
Finance Magnates also reported on the acquisition of by Cboe Global Markets for an undisclosed price.
Meanwhile, the company was multiple times this year due to the violations and failures in order execution.
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