Virtu Financial, Inc. (NASDAQ:VIRT), a leading provider of financial services and products that leverages cutting edge technology, today reported results for the fourth quarter ended December 31, 2022.

Total revenues for the final quarter of 2022 decreased 29.5% to $497.8 million, compared to $705.6 million for the equivalent period in 2021.

Trading income, net, decreased to $313.3 million for the quarter compared to $513.4 million for the same period in 2021. Net income totaled $39.6 million for this quarter, compared to net income of $186.0 million in the prior year quarter.

Basic and diluted earnings per share for the final quarter of 2022 were $0.27, compared to a basic and diluted earnings per share of $0.90, and $0.89, respectively, for the same period in 2021.

Adjusted Net Trading Income decreased 43.6% to $274.1 million for this quarter, compared to $485.6 million for the same period in 2021. Adjusted EBITDA decreased 61.8% to $125.4 million for this quarter, compared to $328.4 million for the same period in 2021.

Normalized Adjusted Net Income, removing one-time and non-cash items, decreased 70.9% to $64.1 million for the fourth quarter of 2022, compared to $220.6 million for the same period in 2021.

Assuming all non-controlling interests had been exchanged for common stock, and the Company’s Normalized Adjusted Net Income before income taxes was subject to corporation taxes, Normalized Adjusted EPS was $0.37 for this quarter, compared to $1.19 for the same period in 2021.

For the full year to end-December 2022, total revenues decreased 15.9% to $2,364.8 million, compared to $2,811.5 million for 2021. Trading income, net, decreased 22.6% to $1,628.9 million for 2022, compared to $2,105.2 million for 2021. Net income totalled $468.3 million for 2022, compared to net income of $827.2 million for 2021.

Basic and diluted earnings per share were $2.45 and $2.44 for 2022, compared to basic and diluted earnings per share of $3.95 and $3.91, respectively, for the same period in 2021.

The Virtu Financial, Inc. Board of Directors declared a quarterly cash dividend of $0.24 per share. This dividend is payable on March 15, 2023 to shareholders of record as of March 1, 2023.