E*TRADE Financial Corp (NASDAQ:ETFC) announced its latest quarterly earnings report after the bell Thursday, which came in ahead of analysts’ expectations.
The company said that for its first quarter of fiscal 2018, it brought in adjusted earnings of 88 cents per share, which was considerably better than analysts’ guidance of 79 cents per share in adjusted earnings, according to Zacks Investment Research.
E*Trade added that its revenue for the period amounted to $708 million, which was better than the Wall Street consensus estimate of $690 million, which would’ve been a 25% improvement compared to the year-ago quarter, according to Zacks.
The company added that its net new brokerage accounts for the quarter came in at 59,685, which was a 3% gain compared to the year-ago quarter. Additionally, E*Trade’s net new brokerage assets tally up to $5.3 billion, bringing the total number of customer assets to $392.8 billion.
“Amid volatility’s return to the market, our customers fully engaged, setting records across trading, margin balances, net asset flows, and net buying, and our teams and systems ably managed the significant increase in activity,” said E*Trade CEO Karl Roessner in a statement.
The company recently ranked in the IIBD report of the best online brokers, according to data compiled from an investor survey.
ETFC shares fell about 1.2% after the bell despite the earnings beat. Shares were up 1.3% by day’s end.
