E*TRADE Financial Corporation (NASDAQ: ETFC) is trading lower in the after-hours session after reporting a loss for the quarter. The online broker lost $6 million or -$0.02 EPS versus $0.24 EPS one quarter earlier. Revenue was $475 million, down from both the prior quarter’s $507 million and down from $518 million a year earlier. Thomson Reuters was calling for earnings of $0.20 EPS on nearly $489 million in revenues. E*TRADE also booked a provision for loan losses of $123 million after items and took $10.8 million in charges against a class action settlement.
Trading metrics (DARTs) are lower as well per these figures: Daily Average Revenue Trades were 140,000, down 15 percent from the prior quarter and down 7 percent from fourth quarter 2010 . Also noted were lower new net brokerage accounts and lower net new brokerage assets.
E*TRADE closed lower by almost 2% at $9.36 after the FOMC signaled low rates for as long as the eye can see and now shares are down another 2.8% to $9.10 in the after-hours session. E*TRADE’s 52-week range is $7.42 to $18.13.
JON C. OGG
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