Reuters: Global Markets: FXCM shares down on weak April volumes

Reuters: Global Markets Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

FXCM shares down on weak April volumes May 9th 2012, 14:44 Wed May 9, 2012 10:44am EDT (Reuters) - Shares of FXCM Inc (FXCM.N) fell as much as 12 percent after the provider of online foreign exchange trading services struggled to drive volumes in April in a weak market. The company's shares were down 11 percent at $9.49 in early trade, making it one of the biggest losers on the New York Stock Exchange. FXCM's retail customer trading volume in April fell 27 percent from March to $248 billion, while institutional customer trading volume dropped 36 percent to $103 billion. "April was one of the months with the lowest volatility in foreign currencies seen in the past five years and our operating metrics reflected that," Chief Executive Drew Niv said in a statement. The company, which counts billionaire Kenneth Griffin's Citadel Investment Group as one of its top investors, also reported a fall in its quarterly adjusted pro forma profit. For the first quarter, FXCM, which went public in 2010, posted adjusted pro-forma net income of $12.5 million, or 17 cents per share, down from $13.7 million, or 18 cents per share, last year. Analysts on average were expecting earnings of 17 cents per share, according to Thomson Reuters I/B/E/S. Revenue rose 8 percent to $102.6 million, but remained slightly below analysts' expectations of 103.2 million. (Reporting by Ashutosh Pandey in Bangalore; Editing by Sreejiraj Eluvangal) Link this Share this Digg this Email Reprints

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions