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Global Brokerage’s Net Income Surges by 22% to $37.8 Million in Q2 2022

Finance

www.financemagnates.com 12 August 2022 22:48, UTC
  
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Global Brokerage Inc., the owner of FXCM, an online forex trading and contract for difference (CFD) broker, recorded a 21.6% growth in its net revenue in the second quarter of 2022.

The net revenue in the quarter came in at $37.83 million, which is a significant rise from the $31.1 million generated during the first quarter of the year.

Global Brokerage disclosed these on Friday in its unaudited financial results for the second quarter of 2022.

Contrary to its net revenue, the company’s net loss during the quarter collapsed by 57% to 5.12 million from first quarter’s $12 million.

Between the first six months of 2022, Global Brokerage posted a net loss of $16.98 million. This is a big drop (50.4%) from the $34.24 million recorded in the same period last year.

Furthermore, while the company recorded an operating income of $5.7 million in the second quarter, it posted an operating loss of $1.8 million during the first quarter of 2022.

First Half of Year and Other Performances

During the second quarter of 2022, Global Brokerage recorded a marginal increase in its total assets. The company posted a slight 0.5% growth in this category.

The company’s total assets came in at $399.71 million, marking a small move away from the $397.9 million recorded at the end of March last year.

Furthermore, Global Brokerage recorded a 1.2% increase in its total liabilities at the end of the second quarter of 2022. Total liabilities reached $602.1 million during the period. As of March this year, the company’s total liabilities stood at $594 million.

Global Brokerage provides online forex and CFD trading services to retail customers. It also provides spread betting and other relatives services.

Additionally, the company provides access to trading tools to customers from around the world.


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