BGC Partners provides update on its Q2 2022 outlook
Global brokerage and fintech company BGC Partners, Inc. (NASDAQ:BGCP) has revised its outlook for the second quarter of 2022.
BGC’s revenue for the second quarter of 2022 is now expected to be slightly below the midpoint of the range of its previously stated outlook, while pre-tax Adjusted Earnings is expected to be around the midpoint. BGC’s expected second quarter 2022 revenue would have been higher than the previously stated midpoint and in-line with the year ago period, excluding Insurance, if not for the strengthening of the U.S. Dollar during the period.
BGC generated total revenue of $506.5 million during the first quarter of 2022, down 1.7% versus last year, excluding Insurance. Total revenue would have been over $10 million higher or up 0.3% over last year, but for the strengthening of the U.S. dollar.
Revenue from BGC’s higher margin, technology-driven Fenics business continued to outpace both the overall Company and industry. Fenics revenue improved by 16.4% compared to the prior year, which represented a record 25% of total revenue. The continued migration of the Voice / Hybrid business to Fenics drove front office productivity 7.2% higher, while Adjusted Earnings margins improved year-over-year for the sixth consecutive quarter.