The New York City based company reported adjusted earnings of $2.04 per share on revenue of $1.01 billion. Analysts were expecting earnings of just $1.28 per share; revenue expectations were not available.
"Our remarkable quarter was highlighted by record performance in Virtu Execution Services and robust results in our market making business, which combined to generate a record 77.6% Adjusted EBITDA Margin in the first quarter,” said CEO Douglas Cifu in a statement.
The high-speed trading application's profits were boosted in the first quarter thanks in part to the meme stock bump earlier this year as companies such as GameStop (GME) - Get Report and AMC (AMC) - Get Report received trading interest from novice investors who organized on online forums like Reddit.
Virtu posted an adjusted EBITDA of $564.7 million, ahead of estimates of $350.4 million.
"These results are consistent with our impressive performance in the first half of 2020 and reflect both the success of our organic growth initiatives and the new level of market activity as driven by continued secular trends in the marketplace," Cifu said.
As a result of the strong quarter, the company's board authorized an additional $300 million in share repurchases.
Shares of Virtu were rising 1.2% to $30.00 on Tuesday afternoon.
The company declared a quarterly cash dividend of 24 cents per share payable June 15 to shareholders of record on June 1.