Nasdaq-listed StoneX Group Inc. today announced financial results for the second quarter of fiscal 2023, which ended March 31, 2023.
In the three months from January to March 2023, international brokers had overall revenues of $16.16 billion, slightly below the same period last year. However, this number increased by 24.3% on a quarterly basis.
However, operating revenues increased 39% to $704.4 million compared to the first quarter of last fiscal year. This figure is a 7.57% increase compared to Q1 2023.
Net income for the first quarter of this year was $41.7 million, down 35% compared to the second quarter of 2023. This number was also down 45.6% from the previous quarter.
StoneX’s ROE also fell to 13.8% in Q2 2023. Diluted earnings per share (EPS) declined 37% in the latest quarter to $1.95 per share.
Demand for FX and CFDs
Forex and Contracts for Difference (CFD) Markets operating revenues were $61.8 million, down 38% compared to the prior year period. However, this number increased by 26.6% quarter-on-quarter.
Sean M. O’Connor, CEO of StoneX Group Inc. said:
In the second quarter of fiscal 2023, the company delivered another solid result with diluted EPS of $1.95 and ROE of 13.8%.
Moderate trading conditions during the fourth quarter were offset by higher client float interest rates and fee income. We believe the overall macro environment continues to be favorable to us and we are well positioned to continue delivering shareholder value in the near term.
Earlier in April, StoneX partnered with the Coinbase Derivatives Exchange (CDE) to give clients access to the full suite of CDE contracts cleared by Nodal Clear.
