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E*trade Financial Corp (ETFC) Financial News - ETrade Financial Posts Profitable 2Q

E*trade Financial Corp (ETFC)

ETrade Financial Posts Profitable 2Q

Keywords: ETrade Financial Posts Profitable 2Q, E-Trade Financial Corp, ETFC, profit, earnings, revenue, beat,
Quote: (ETFC) returned to profitability,announcing a profitable second quarter on Thursday after the bell.The online broker posted gains of $35 million or 12 cents per share for the quarter, compared with a year-ago loss of $143million or $2.16 a share, adjusting for a 1-for-10 reverse stock split.Revenue slipped during the second quarter, falling 14% to $534 million, down from $621 million, one year ago.The results shocked the Street as analysts had expected a loss of 11 cents a share on revenue of $299 million."The second quarter marked an important milestone for E*TRADE as we reported our first quarterly profit in three years,"said Steven Freiberg, chief executive officer. "Our results were supported by strength in our brokerage business, includinggrowth in DARTs, new accounts, and margin receivables; continued improvement in loan performance trends; prudent expense management;and effective balance sheet strategies in an environment of declining interest rates."Shares of E-Trade rose 57 cents or 4.5% in Thursday’s session, closing the day at $13.35. The stock is up 93 cents, nearly7.0% in after-hours trading....
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E*trade Financial Corp Stock Summary

E*TRADE Financial Corporation, through its subsidiaries, provides online brokerage and related products and services primarily to individual retail investors under the E*TRADE Financial brand name worldwide. It provides various brokerage products and services, including automated order placement and execution of the U.S. equities, futures, options, exchange-traded funds, and bond orders; access to E*TRADE Mobile Pro, which allows customers to trade stocks and transfer funds between accounts, as well as to monitor real-time investment, market, and account information; access to Power E*TRADE Pro, a desktop trading software for active traders; margin accounts allowing customers to borrow against their securities; access to international equities; and sweep deposit accounts that automatically transfer funds to and from customer brokerage accounts, as well as employee stock option management software and services for corporate customers. The company also offers access to the investor resource center, which provides an aggregated view of its investing tools, market insights, independent research, education, and other investing resources; advisory services, such as investment guidance; and fixed income tools to help customers identify, evaluate, and implement fixed income investment strategies. In addition, it provides access to Retirement QuickPlan, a retirement planning tool that provides an assessment of an individual?s or a family?s retirement savings and investing plan, as well as tips to help get on track with personal retirement goals; individual retirement accounts; access to non-proprietary exchange-traded funds and mutual funds; investing and trading educational services via online videos, Web seminars, and Web tutorials; and deposit accounts, including checking, savings, and money market accounts. The company was founded in 1982 and is based in New York, New York.
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