Shares of BGC Group Inc.
rose 2.7% in premarket trading Friday after the financial technology company said its business “delivered strong performance” during the fourth quarter. BGC said it now expects to be “around the high end” of its Oct. 30 forecast for revenue between $450 million and $500 million, compared to the FactSet consensus estimate. of 475 million dollars. BGC also expects to come in at the high end of its adjusted pre-tax profit forecast of $88 million to $108 million, versus the FactSet consensus estimate of $98 million. BGC Group was expecting approval from the Commodity Futures Trading Commission in the fourth quarter for its FTX cash and futures trading platform, but now expects this to happen in “early 2024.” The company said it will also announce its strategic partners for FTX in early 2024. “We made significant progress with FMX on several fronts during the quarter,” said Howard W. Lutnick, chief executive officer and president of BGC Group.