E-Trade beats 2Q profit forecasts

Published July 21, 2016

NEW YORK (AP) _ E-Trade Financial Corp. (ETFC) on Thursday reported second-quarter profit of $133 million.

The New York-based company said it had earnings 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 $474 million in the period, which missed Street forecasts. Six analysts surveyed by Zacks expected $475.3 million.

E-Trade shares have fallen 15 percent since the beginning of the year, while the Standard & Poor's 500 index has climbed roughly 6 percent. In the final minutes of trading on Thursday, shares hit $25.22, a fall of 16 percent in the last 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 at http://www.zacks.com/ap/ETFC

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Keywords: E-Trade, Earnings Report

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