Why Brokerage & Financial Technology Company BGC Shares Are Surging Today

BGC Group, Inc. BGC announced an update to its previously provided fourth-quarter FY23 outlook.

The company expects revenue and pre-tax Adjusted Earnings for 4Q23 to be around the high end of its previously stated outlook ranges of $450 million-$500 million (consensus $475 million) and $88 million-$108 million, respectively.

"Our business performed strongly throughout the fourth quarter. We expect to report double-digit revenue and pre-tax Adjusted Earnings growth for both the fourth quarter and full year 2023," commented Howard W. Lutnick, Chairman and CEO of BGC Group.

"We've made significant progress with FMX on multiple fronts during the quarter. We expect to have CFTC regulatory approval and announce our strategic partners in early 2024," added Lutnick.

Price Action: BGC shares are trading higher by 6.07% at $7.17 on Friday.