Virtu Financial (VIRT) shares plummeted 5.02% in pre-market trading on Wednesday, despite reporting strong second-quarter results that beat analyst expectations. The market's negative reaction appears to be driven by the unexpected announcement of CEO Douglas Cifu's retirement.
The company reported a 44.2% increase in Q2 revenues to $999.6 million, significantly surpassing the analyst consensus of $481.0 million. Adjusted earnings per share came in at $1.53, well above the $1.37 expected by analysts. Virtu's market making segment showed particularly strong performance, with trading income rising to $647.3 million from $420.1 million in the same quarter last year.
However, the positive financial results were overshadowed by the news of CEO Douglas Cifu's retirement. Virtu announced that Aaron Simons, the company's current Chief Technology Officer, will succeed Cifu as the new CEO. While Simons is a long-time company veteran, having joined in 2008, the unexpected leadership change appears to have created uncertainty among investors, leading to the sharp pre-market decline.
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