Q2 2024 Forge Global Holdings Inc Earnings Call Transcript
Key Points
- Forge Global Holdings Inc (FRGE) recorded its fifth consecutive quarter of revenue growth.
- Revenue grew 15% over the last quarter and rose 32% compared to the year-ago quarter.
- Marketplace revenue is up 103% compared to the year-ago quarter, indicating strong market recovery.
- The company has introduced new products and innovations, including Forge Pro and private market indices.
- Forge Global Holdings Inc (FRGE) has announced a decisive action to reduce expenses and accelerate profitability, resulting in an estimated $11.3 million in annualized savings.
- The company announced a reduction in headcount costs by roughly 11%, affecting employees and their families.
- Net take rate in the second quarter moved from 3.2% to 2.7%, indicating a decrease in profitability per transaction.
- Total custodial administration fees were roughly flat compared to the prior quarter, showing limited growth in this area.
- Second quarter net loss was $14 million, although it declined from $19 million quarter-over-quarter.
- Cash, cash equivalents, and restricted cash ended the quarter at $121.6 million, down from $130.7 million last quarter.
Good afternoon. My name is Angela, and I will be your conference operator today. At this time, I like to welcome everyone to the Forge second-quarter 2024 financial results conference call. On today's Forge Global's call will be Kelly Rodriques, CEO; Mark Lee, CFO; Lindsay Riddell, Executive Vice President of Corporate Marketing and Communications; and Dominic Paschel, SVP of Finance and Investor Relations. (Operator Instructions)
And now I will now turn the call over to Lindsay Riddell. Miss Riddell, you may begin your conference.
Thank you, operator, and thank you all for joining us today for Forge's second quarter 2024 earnings call.Joining me today are Forge's CEO, Kelly Rodriques; and Forge CFO, Mark Lee. They will share prepared remarks regarding the quarter's results and then take your questions at the end.
Just after market closed today, we issued a press release announcing Forge's second quarter 2024 financial results. A
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