High Frequency Trading Firm Getco Reported Earnings For The First Time, And It Was A Massacre

Nanex

Getco, the high frequency trading firm that bought Knight Capital last year, reported earnings for the first time yesterday, and it was total carnage.

The company's profits were down 82% from this time last year because the market lacked the high volume and volatility high frequency traders feed off of, according to Bloomberg:

Net income fell 82 percent to $24.6 million in the nine months ended Sept. 30, compared with $134.8 million a year ago, according to a filing today. Revenue decreased 41 percent to $425.3 million. Getco agreed to buy Knight in a $1.4 billion deal after the market maker lost more than $450 million when computers generated a flood of erroneous orders in August.

Just, ugly.

For more, head to Bloomberg>