BGC Partners reaffirms its revenue guidance for Q4 2020
Global brokerage and financial technology company BGC Partners, Inc. (NASDAQ:BGCP) today posted a brief update regarding its outlook for the quarter to end-December 2020.
BGC reaffirmed its previously stated outlook ranges for revenue and pre-tax Adjusted Earnings for the fourth quarter of 2020. The company’s outlook was revealed along with BGC’s financial results for the third quarter.
Back then, the company said its revenues were 4.4% lower year-on-year for the first 17 trading days of the fourth quarter of 2020. BGC added, however, it was beginning to see evidence of a return to growth. For example, in the first 17 trading days of the fourth quarter of 2020, Asia Pacific revenues increased approximately 5%, and continental Europe was up over 10%, representing BGC’s first regional increases in revenues since the start of the pandemic.
In particular, the company forecast revenues in the range of $440-$490 million for the final quarter of 2020. It also forecast pre-tax adjusted earnings of $65-$85 million for the three months to December 31, 2020.