The global operator of electronic marketplaces, Tradeweb Markets Inc., has released its financial trading metrics for the second quarter of 2023, which ended on 30 June.
The NASDAQ-listed company’s quarterly revenues increased 4.5% to $310.6 million compared to the second quarter of the previous year.
According to the official press release, the second quarter’s ADV were up 10.2% YoY to $1.3 trillion.
Net income for the period came in at $101.9 million and at $123.7 million on adjusted basis. Both numbers marked a rise on yearly basis of 24.9% and 10.8%, respectively.
In Q2 2023, adjusted EBITDA margin stood at 52.5% and adjusted EBITDA for the quarter was $163.1 million. In comparison, for the same period during the prior year, these numbers were 52.4% and $155.6 million respectively.
Tradeweb also reported $0.42 diluted earnings per share for the latest quarter and $0.52 adjusted diluted earnings per share. The company declared $0.09 per share quarterly cash dividend and $7.6 million of shares repurchased.
Billy Hult, CEO of Tradeweb:
Billy Hult
Market conditions steadily improved during the second quarter, with our business performing well against a backdrop of mixed markets. We produced double digit revenue growth across global government bonds, U.S. and European Credit, equity derivatives, and money markets.
Earlier in May, Tradeweb signed an agreement to acquire Yieldbroker, an Australian trading platform for Australian and New Zealand government bonds and interest rate derivatives for A$125 million.
