Seeking Alpha
2022-02-16 16:09:22

BGC Partners erases early decline, Q1 guidance range brackets consensus

After falling as much as 6.7% in early trading, BGC Partners (NASDAQ:BGCP) stock rose 0.2% late morning trading on Wednesday. The company issued Q1 guidance for $490M-$540M of revenue, excluding insurance, vs $515.1M reported in Q1 2021, and expects Q1 pretax adjusted earnings of $105M-$125M vs. $113.9M in the year-ago quarter. Q1 revenue guidance midpoint is $515 may not be comparable to $523.1M consensus estimate, due to subtraction of insurance revenue. BGCP's revenue was ~2% lower for the first 28 trading days of Q1 2022 when compared with the same period in 2021, according to the company's Q4 earnings slides. The company recently launched several crypto products and expects to have a "comprehensive offering by the end of 2022." It also notes, "Our futures exchange was among the first exchanges permitted to list crypto derivatives, an advantage we plan to leverage as we scale our cryptocurrency offerings," said BGCP Chairman and CEO

Get Crypto Newsletter
Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.