The White House has threatened to slap tariffs on apparel and footwear, leading retailers to speak out about how this would hurt business.Retailread more
"We are now embarking on a new Long March, and we must start all over again!" Xi Jinping said.Marketsread more
While investing often seems like a contrarian game where going against the flow feels like the better bet, the reality is that investors who bought the most-favored stocks...Hedge Fundsread more
Craig Irwin of Roth Capital Partners said Apple tried to buy Tesla six years ago for a higher price than where the stock now trades.Technologyread more
CNBC's Jim Cramer says Morgan Stanley cutting its worst-case forecast on Tesla so drastically from $97 per share appears to be a gimmick.Investingread more
U.S. aviation officials believe a bird strike may have led to the deadly crash of an Ethiopian Airlines Boeing 737 Max in March, according to a person familiar with the...Aerospace & Defenseread more
The escalating trade war between China and the U.S. could increase pressure on the overall economy, according to Boston Fed President Eric Rosengren.The Fedread more
May outlined her new Brexit proposals which are being voted on by politicians next month.Europe Marketsread more
The Time's Up Legal Defense Fund, the American Civil Liberties Union and fast-food workers coalition Fight for $15 said Tuesday that they have filed 23 new complaints against...Restaurantsread more
Sales of existing U.S. homes fell 0.4% in April compared with March to a seasonally adjusted annualized rate of 5.19 million units, according to the National Association of...Real Estateread more
Japanese automakers say they generated more than 1.6 million jobs in the U.S. at manufacturing plants, dealerships and suppliers. Of those jobs, more than 94,000 people are...Autosread more
NEW YORK, May 9 (Reuters) - Tradeweb Markets Inc on Thursday reported a drop in earnings for the first quarter, as higher expenses, largely due to increased hiring 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.
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)