Knight Capital Group Inc posted a first-quarter profit that topped analysts' forecasts as a strong performance by its global markets segment offset losses at its asset management unit.
The company reported earnings of $32.5 million, or 35 cents a share, compared with profit of $31.9 million, or 31 cents a share, in the year-ago quarter.
Revenue fell 7 percent to $224.9 million.
Analysts expected earnings of 30 cents a share, before special items, on revenue of $215.1 million.
Revenue at the company's global markets segment, which offers trade execution products and services, increased by 27 percent to $218.8 million, helped by high volatility. The segment reported pre-tax earnings of $78.9 million, compared to pre-tax earnings of $36.1 million in the year ago quarter.
"An increase in net trading revenue, bolstered by further growth in Listed volumes and a record quarter from our London-based team, helped drive strong results (at global markets)," Chief Executive Thomas Joyce said in a statement.
The asset management segment, Deephaven Capital Management, reported a pre-tax loss of $4.1 million in the first quarter, compared with pre-tax earnings of $18.9 million in the first quarter of 2007.
"Deephaven experienced one of the more difficult quarters in its fourteen-year history," Joyce said.
Shares of the Jersey City, New Jersey-based company closed at $15.03 on Tuesday at Nasdaq.
How could such a powerful air defense system miss dozens of drones and cruise missiles? There can be only one explanation to this
"As soon as we can see the concentration of American aircraft on airfields in Europe, we will simply destroy those airfields by launching our medium-range ballistic missiles at those targets"