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E*Trade Stock Edges Higher on Q3 Earnings Beat

E*Trade stock (NASDAQ:ETFC) was wafting up slightly as the company reported its latest quarterly earnings results late in the day Thursday, unveiling profit and revenue that topped what analysts were calling for.

E*Trade Stock
Source: Company website

The online financial services company said that for its third quarter of fiscal 2018, it brought in earnings of $261 million, or $1 per share. The figure was stronger than what the company brought in during the quarter from 12 months ago, when it amassed earnings of $135 million, or 49 cents per share.

Analysts were expecting the company to bring in adjusted earnings of approximately 82 cents per share for the period, excluding special items. This is based on a survey conducted by Thomson Reuters.

E*Trade added that its revenue for the period came in at $720 million, which marked a 20.2% increase compared to the $599 million it raked in during the year-ago quarter.

“I am pleased to exit the last 24 months with such positive trajectory,” said Karl Roessner, CEO. “The Company has made exceptional progress — returning to our roots as the undisputed leader for digitally inclined traders and investors, driving strong business momentum, and creating significant value for our shareholders.”

ETFC stock was down about 3.3% during regular trading hours on Thursday in anticipation of the company’s quarterly earnings results. Its strong third-quarter results helped to lift shares about 0.2% after the bell.

Article printed from InvestorPlace Media,

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