What Happened To Virtu Financial On Thursday?

Shares of Virtu Financial Inc VIRT were trading lower by nearly 9 percent Thursday afternoon after the company reported its fourth-quarter results.

Virtu Financial said that it earned $0.27 per share in the fourth quarter on revenue of $176.09 million. Wall Street analysts were expecting the company to earn $0.29 per share on revenue of $115.15 million.

During the quarter, trading revenues fell to $166.901 million from $204.351 a year ago, while technology services revenue rose to $2.889 million from $2.561 million a year ago. Revenue from interests and dividends rose to $7.114 million from $6.636 million a year ago.

Related Link: Virtu Financial Reports Q4 EPS Loss, Trading Revs Down 18%; Sets Aside $5.4M For "Legal Matters"

Virtu Financial stated that as of the end of December 2015, the company was connected to more than 230 unique market venues across 35 countries and made markets in over 12,000 financial instruments.

Virtu Financial also reported it has set aside $5.440 million in reserve for a "legal matter."

"2015 was a seminal year in Virtu's history. We completed our Initial Public Offering in April. We ended the year with our company present on more than 230 unique venues in 35 countries. Although fourth quarter volumes and volatility trailed the pace set in the third quarter, we began 2016 in a very strong fashion and have benefitted from the sustained elevated volatility and volume levels seen in January," said Douglas Cifu, Chief Executive Officer of Virtu Financial.