By Chris Wack


BGC Partners Inc. said Thursday that its revenue for the third quarter is now expected to be below the midpoint of the range of its previously stated outlook due to foreign exchange headwinds.

The global brokerage and financial technology company said revenue would have been $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.

In August, the company said it expected third-quarter revenue, excluding insurance, of $395 million to $445 million.

Analysts polled by FactSet are expecting quarterly revenue of $419 million.

BGC said this guidance reflects continuing forex problems for the euro and pound sterling, which are both tracking more than 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.


Write to Chris Wack at chris.wack@wsj.com


(END) Dow Jones Newswires

09-29-22 0853ET