High-speed trader Virtu saw net income increase 1,845% thanks to anxious markets (VIRT)

Virtu traderREUTERS/Brendan McDermid

  • High-speed stock trader Virtu Financial reported gangbuster results Friday, beating Wall Street’s estimates by a mile.
  • The firm, which reported a net income increase of 1,845%, reported earnings of $1.86 per share. That’s above Wall Street’s estimate of $0.61.
  • A return of volumes and volatility to the markets was behind the impressive performance, chief executive Doug Cifu said.

Virtu Financial, the market making firm, reported eye-popping results on Friday for the first quarter of 2018, a period marked by a return of volatility and volume to the markets.

The New York-based firm, which reported earnings of $1.86 a share, said its net income increased 1,875%. Its total revenues popped 453% to $815 million. Its adjusted EPS was $0.76, a record since it became a public company.

See the rest of the story at Business Insider

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