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E-Trade Earnings: ETFC Stock Dips as Q2 Results Displays Two Tales

ETFC stock was sliding about 0.3% after hours

E-Trade (NASDAQ:ETFC) posted its latest quarterly earnings figures late today, bringing in a profit that surpassed the Wall Street guidance, while sales did not meet the outlook–ETFC stock took a slight step back.

E-Trade Earnings
Source: Shutterstock

The New York-based electronic trading platform said that for the three-month period, it brought in earnings of $1.12 per share, which marked a gain of nearly 20% when compared to the Wall Street consensus estimate of $1.10 per share. Revenue tallied up to $685 million, which was below the same figure a year ago, while also missing analysts’ guidance.

E-Trade reported daily average revenue trades that amounted to 268,488, which marked a 4% slide when compared to the same period in its fiscal 2018. The brand’s average commission per trade was mostly unchanged, tallying in at $7.14.

Meanwhile, its net new accounts took a hit of 48% year-over-year, while its gross new accounts declined 9% year-over-year. E-Trade’s net interest income revenue and commission revenue were down year-over-year, while its fee revenue gained.

The platform provides traders with the opportunity to trade the following assets: regular stocks, future contracts, ETFs, mutual funds and more.

ETFC stock has been falling about 0.3% after the bell late on Thursday off the heels of the brand’s results during the aforementioned three-month period. Shares had been popping about 1.7% during regular trading hours today ahead of these same figures.

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