Knight Capital Reports Net Loss as Software Error Takes Toll
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Knight Capital Group Inc. reported a quarterly loss of $389.9 million on bigger-than-estimated costs from the software error that nearly pushed it into bankruptcy.
The third-quarter net loss was $6.30 a share, the widest since at least 2001, and compared with profit of 29 cents a year earlier, based on a statement today from Knight and data compiled by Bloomberg. The loss related to its Aug. 1 computer malfunction was $457.6 million, wider than the $440 million previously reported, Knight said.