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Online brokerage TD Ameritrade reports 1Q profit up 5 pct but revenue flat as trading slows
OMAHA, Neb. (AP) ' TD Ameritrade says its fiscal first-quarter net income grew 5 percent, while the online brokerage's revenue was almost unchanged as trading activity slowed amid worries about the economy.
The Omaha-based company is posting $152 million in net income, or about 27 cents per share, in the October-December quarter. That's up from last year's $145 million, or 25 cents per share, and tops the 26 cents per share profit that analysts surveyed by FactSet were expecting.
Revenue fell less than 1 percent to $653.4 million from $656.2 million. Analysts expected higher revenue of $671.5 million.
One of the key drivers of Ameritrade's revenues is the fees it charges for transactions it handles. The average number of trades per day dipped to 367,479 from last year's 371,916 and the previous quarter's 415,739.