Published on 7 May 2024 on Zacks via Yahoo Finance
MarketAxess (MKTX) Q1 Earnings Beat on Strong Credit Trading
MarketAxess Holdings Inc. MKTX reported first-quarter 2024 earnings per share of $1.92, which surpassed the Zacks Consensus Estimate by 3.8%. Yet, the bottom line slipped 2% year over year.
Total revenues of $210 million rose 4% year over year. However, the top line fell short of the consensus mark by a whisker.
The quarterly results were driven by a solid improvement in U.S. high-grade commission revenues. Geographic expansion and product diversification drove the average daily volume (“ADV”) of emerging markets and Eurobonds. However, the upside was partly offset by lesser trading activity of U.S. high-yield and an elevated expense level.