NEW YORK (AP) -- Currency trading company FXCM Inc. on Thursday posted a $1.4 million second-quarter loss, as tough global economic conditions reduced currency volatility and the number of trades the company made.
New York-based FXCM's loss amounted to 6 cents per share and compared with a profit of $3.3 million, or 19 cents per share, in the same quarter last year. Excluding one-time severance, stock-option and other charges, the company said it posted an adjusted profit of 11 cents per share for the same quarter last year.
The adjusted profit fell short of Wall Street predictions. Analysts, on average, expected a profit of 14 cents per share, according to a FactSet poll.
Revenue fell 11 percent to $91.7 million from $103.3 million. Analysts expected $82.8 million in revenue.
The company's total trading volume fell 7.4 percent to $869 million. Trading volumes for institutional investors such as hedge funds jumped 88 percent to $402 million, boosted by its June acquisition of a 50.1 percent stake in Lucid Markets Trading Ltd.
FXCM shares fell 41 cents, or 3.8 percent, to $10.29 in afternoon trading.