E-Trade Reports 44% Increase in Net Income
- Share via
Online brokerage E-Trade Financial Corp. said Monday that fourth-quarter net income rose 44%, helped by recent acquisitions. The results topped analysts’ consensus estimate.
Profit was $129.4 million, or 32 cents a share in the period ended Dec. 31, up from $89.8 million, or 24 cents a year earlier. Revenue rose 19% to $479 million.
E-Trade bought rivals Harrisdirect and Brown Co. last year.
The brokerage also benefited in the fourth quarter from the spread between what it pays on customers’ cash balances and what it earns on that money. Net interest income was $258 million in the quarter, up 42%.
Shares of E-Trade rose 62 cents to $22.12 before the report.
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
