JERSEY CITY, N.J. (AP) — Knight Capital Group Inc. reported a large loss in its third quarter because of a disastrous software glitch that caused it to lose millions.
The glitch, which occurred in August, forced the trading firm to cede control of its operations in exchange for a financial rescue by Wall Street firms.
The Jersey City, N.J., company reported a loss attributable to common shareholders of $764.3 million, or $6.30 per share, for the period ended Sept. 30. That compares with net income of $26.9 million, or 29 cents per share, a year ago.
It said the loss from the software glitch alone was more than $400 million.
Excluding $2.46 per share related to the software glitch and other items, earnings were 1 cent per share.
Analysts forecast 2 cents per share.