President Donald Trump said on Twitter he was postponing a scheduled meeting with Denmark's prime minister because of her lack of interest in discussing the possible sale of...World Politicsread more
After Elon Musk touts Tesla solar on Twitter, Walmart sues the electric vehicle and clean energy company over store rooftop panels that ignited.Technologyread more
The bond market has entered a financial twilight zone, and at this point, there doesn't seem to be a smooth way out.Market Insiderread more
Trump said he has "been thinking about payroll taxes for a long time" — and he cautioned that "whether or not we do something now, it's not being done because of recession."Politicsread more
Secretary of State Mike Pompeo privately told business executives and free traders that the trade war could end by the 2020 election and that hurdles to an immediate agreement...2020 Electionsread more
Market bull Jeff Saut told CNBC on Tuesday that the lows are in and the market is headed "much higher."Marketsread more
Home Depot CFO Carol Tome says "consumer confidence is near record high levels" but "consumer demand could be impacted" by lingering U.S.-China trade tensions.Mad Money with Jim Cramerread more
The company's stock seesawed after the markets closed Tuesday, initially swinging up by 4% before falling by about 2%.Retailread more
VMware has become accepting of the corporate rush to the cloud. A new acquisition could help it make more revenue as companies adopt a modern approach called serverless...Technologyread more
President Donald Trump believes he has quite the bargaining chip with the European Union.Marketsread more
The United States does not have a defense against hypersonic weapons, which can travel at least five times the speed of sound, or a little more than a mile per second....Defenseread more
(Corrects headline and lead to show that higher expenses overall outweighed higher revenue, not higher headcount expense; in penultimate paragraph adds details on increased GAAP expenses.)
NEW YORK, May 9 (Reuters) - Tradeweb Markets Inc on Thursday reported a drop in earnings for the first quarter as higher expenses at the newly public electronic trading platform operator outweighed a jump in revenue.
Tradeweb, which focuses on electronic trading in assets such as government, mortgage, corporate and municipal bonds, as well as derivatives and ETFs, said it had net income of $42.4 million, or 19 cents a diluted share in the quarter ended March 31. That was down from $45.3 million, or 21 cents a diluted share a year earlier.
Stripping out one-time costs, the New York-based company said it earned 23 cents a share, a penny more than the mean estimate of analysts, according to IBES data from Refinitiv.
Revenue rose 10.2 percent to $186.8 million.
Tradeweb went public on the Nasdaq stock exchange on April 4, pricing at $27 a share. As of Thursday morning, the stock was at $40.99, up 2.7 percent from Wednesday's close.
The fixed income market has moved toward more electronic trading in recent years, driven in part by regulation and as investors seek to knit together various sources of liquidity in a fragmented market.
"There is a constant march toward electronification in general," Tradeweb Chief Executive Officer Lee Olesky told analysts on a call after the company released financial results.
Big banks have also scaled back their bond dealing in response to post-financial crisis rules that made such activity more expensive, creating a greater demand for electronic trading platforms like Tradeweb, and MarketAxess Holdings Inc, one of its main competitors.
Refinitiv has a controlling stake in Tradeweb. Thomson Reuters Corp , the parent of Reuters News, owns 45 percent of Refinitiv, with private equity firm Blackstone Group LP owning the remainder.
Tradeweb, which was founded in 1996 and trades interest rate swaps, credit, money markets and equities, has clients including banks, asset managers, retail brokers, insurance companies and central banks in more than 60 countries.
Total expenses surged 25.4 percent to $140.5 million, which included $23.2 million of acquisition and related depreciation and amortization expenses.
Adjusted expenses rose 9.5 percent to $116.7 million, due in part to a rise in headcount to 931 employees from 848 a year earlier. (Reporting by John McCrank in New York; editing by Matthew Lewis)