Interactive Brokers saw a slide in income on a quarterly basis. However, its DARTS, in July 2023 almost reach $2 million.
Interactive Brokers has reported its revenue on both a yearly and quarterly basis. The results are varied, which jumped 56% between April and June 2023 to $1,064 million from $656 million. However, in q/q adjusted, the US-based broker showed a 5% decline compared to Q1. Interactive Broker's revenue is down $1.056 million. Interactive Brokers reported that its daily average revenue trades or DARTs added 1.960 million in June, 5% higher than the previous month.
Interactive Brokers is an active broker that made headlines recently after launching its fractional trading feature for Canadian stocks and ETFs. The company was also expanded in the UK and licensed by FCA.
Reported income before tax dropped 14% to $652 million for the current quarter from $761 million in the previous one. In YoY, the result is up 66% to $652 million. Elsewhere, the broker still has loyal clients, with a jump of 9% income from interest paid by the clients Q1 to $694 million during Q2—the number of customer accounts grown up to 2.29 million during the first quarter.
"General and administrative expenses increased $43 million to $85 million. The increase is largely attributable to reserves related to the previously-disclosed regulatory investigations into using unapproved electronic messaging and record-keeping requirements. As has been publicly reported, the SEC and CFTC are conducting an industry-wide sweep that has resulted in substantial settlements with other financial services firms," stated Interactive Brokers.