Virtu Financial Finds More Success in Volatility
Virtu Financial (NASDAQ: VIRT) delivered strong earnings and record revenue in the first quarter, another solid report for a stock that's gained about 50% this year.
Virtu Financial is a high-frequency trading firm that quotes buy and sell prices for stocks, options, and various other securities and profits on the spread. The heightened volatility in the first quarter led to a spike in trading volume, which has, in turn, generated increased revenue.
Total revenue jumped 176% to $1 billion in the first quarter, compared to the same period in 2019. Net trading income accounted for most of that, up 211% to $802 million year over year.
Source Fool.com
