The following is a summary of the Forge Global Holdings, Inc. (FRGE) Q1 2024 Earnings Call Transcript:
Financial Performance:
Forge Global Holdings reported Q1 2024 revenue of $19.2 million, up 2% from last quarter.
Total marketplace revenues were $8.5 million, a slight increase from $8 million in the previous quarter.
Custodial cash balances declined to $481 million at the end of Q1, resulting in a 2% decline in total custodial administration fees to $10.7 million.
The company's net loss for Q1 was $19 million, a reduction from the previous quarter's $26.2 million.
Cash and cash equivalents stood at $130.7 million at quarter end.
Business Progress:
Forge released Forge Pro and marked the fourth consecutive quarter of revenue improvement.
The company expanded into Europe with trade executions already made in that region.
The Forge Accuidity Private Market Index has gained momentum and is now being tracked by the Accuidity Megacorn Fund.
The strategy for the rest of 2024 includes managing expenses while investing in strategic priorities.
The company expects trading volume to be influenced by improved investor sentiment, an optimal outlook on interest rates, and IPO market recovery, with promising market indicators already observed.
Forge Global launched Forge Europe with executives in London and Germany, working towards regulatory approval for operations and driving revenue generation.
Future plans include focusing on printing trades and extending their global order book to European investors.
More details: Forge Global IR
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