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The E-Trade tops Street forecasts 1Q

NEW YORK – NEW YORK (AP) _ E-Trade Financial Corp (ETFC) on Thursday reported first-quarter net income of $145 million.

The New York-based company said it had profit of 48 cents per share.

The results topped Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 39 cents per share.

The online brokerage posted revenue of $553 million in the period, which also beat Street forecasts. Four analysts polled by Zacks expected $531.9 million.

E-Trade shares have dropped slightly since the beginning of the year, while the Standard & Poor’s 500 index climbed 5 percent. In the final minutes of trading on Thursday, shares at $34.62, a climb of 39 percent in the past 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks investment Research. Access a Zacks stock report on ETFC on https://www.zacks.com/ap/ETFC

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Keywords: E-Commerce, Earnings Report

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