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Updated Outlook
BGC's revenue for the third quarter of 2022 is now expected to be below the midpoint of the range of its previously stated outlook. BGC's revenue would have been approximately $20 million higher, if not for the strengthening of the U.S. dollar during the period, and above last year's third quarter revenue, excluding Insurance. BGC's pre-tax Adjusted Earnings is expected to be around the midpoint of its previously stated outlook. This guidance reflects continuing FX headwinds for the euro and pound sterling, which are both tracking over 14% lower versus the U.S. dollar, on average, compared to the year ago period. This decline has accelerated toward the end of the third quarter, with the euro and pound sterling down over 16% and 19%, respectively, versus the U.S. dollar compared to a year ago.
The Company's outlook was contained in BGC's financial results press release issued on August 3, 2022, which can be found at http://ir.bgcpartners.com.
Posted In: BGCP
