Siebert Financial Corp - SIEB STOCK NEWS

Siebert Financial Corp. (NASDAQ: SIEB) Reports Strong Third Quarter 2023 Financial Results with Revenue of $18.1 million, Net Income of $2.8 million, and Earnings per Share of $0.07. The company also highlights growth in retail customer accounts and net worth, alongside recent business moves including a headquarters relocation to Miami Beach and expansion in New York City. Management emphasizes the strength of their business model and the potential for sustained growth in the current market environment.

Siebert Financial Corp. reports Q2 2023 financial results. Revenue of $17.6M, net income of $2.7M, earnings per share of $0.07. Total retail customer net worth improves to $15.2B. Closed $17.4M investment by Kakao Pay. Appointed new CEO and Chairman. Signed lease in NYC. Positive results and growth strategy.

Kakao Pay has agreed to purchase a 19.9% stake in Siebert Financial Corp. (NASDAQ: SIEB) for approximately $17 million on April 27, 2023. Following shareholder and regulatory approval, Kakao Pay plans to acquire an additional 31.1%, raising its ownership to 51%, making it the largest shareholder. The partnership aims to accelerate Siebert's growth and enhance its platform using Kakao Pay's technology expertise in financial services. Siebert's management, led by the Gebbia family, will continue overseeing operations. Kakao Pay, a subsidiary of Kakao Corp., boasts around 40 million registered users and provides diverse financial services, including online trading with low transaction fees in Korea.

Siebert Financial Corp. (NASDAQ: SIEB) reported a challenging financial year for 2022. Total revenue decreased to $50.1 million, down from $67.5 million in 2021. The company faced a pretax loss of $4.3 million, contrasting with a pretax income of $6.8 million the previous year. Net loss attributable to common stockholders was $2.0 million, versus a net income of $5.1 million in 2021, leading to a loss per share of $0.06, compared to earnings of $0.16 per share in 2021. Management expressed confidence in future growth despite recent setbacks.

Siebert Financial Corp. (SIEB) reported a revenue of $14.3 million for Q3 2022, down from $17.1 million in Q3 2021. Operating income increased to $1.4 million, with an operating margin of 10.0%, improved from 6.7% a year prior. Net income available to common stockholders was $1.1 million with earnings per share remaining stable at $0.03. Despite lower commission revenues, strong performance in the Securities Finance division drove a 21% year-over-year revenue increase. Management emphasizes ongoing growth potential, aided by rising interest rates.

Siebert Financial Corp. (NASDAQ: SIEB) reported its Q2 2022 results, showing a revenue decline to $11.7 million from $16.8 million in Q2 2021. The company posted an operating loss of $0.5 million compared to operating income of $1.9 million in the prior year. Net income dropped to $0.7 million, with earnings per share at $0.02, down from $0.05. Retail customer net worth declined to $13.8 billion. Despite these challenges, management remains confident in the growth strategy and ongoing modernization of offerings.

Siebert Financial Corp. (NASDAQ: SIEB) reported its Q1 2022 results, highlighting a revenue drop to $10.3 million from $18.9 million in Q1 2021. The firm experienced an operating loss of $1.4 million compared to an operating income of $3.0 million last year. Net loss was $1.0 million, leading to a loss per share of $0.04. Despite these challenges, Siebert is expanding its services by launching correspondent clearing and hired FinTech leader Matthew Shatz to drive this initiative. The company anticipates benefiting from the rising interest rate environment in the upcoming quarters.