BGC Partners says Q1 revenue impacted by recent turmoil across regional banks

The company states: "BGC continued to see broad-based revenue growth across all its asset classes as compared to the first quarter of 2022. BGC’s revenue was slightly impacted by the recent turmoil across regional banks and certain global investment banks, which resulted in lower volumes over the last few weeks of the quarter. Accordingly, BGC’s revenue and pre-tax Adjusted Earnings for the first quarter of 2023 are now expected to be slightly below the midpoint of the range of its previously stated outlook. BGC’s revenue would have been approximately $9M higher, if not for the stronger U.S. dollar during the period. This guidance reflects continuing strong dollar headwinds compared to the year ago period."