E*TRADE Financial Corporation (NASDAQ:ETFC) had a loss and met Wall Street’s expectations, AND came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company. Shares are down 4.48%.
E*TRADE Financial Corporation Earnings Cheat Sheet
Results: Net loss of $186.1 million (loss of 65 cents per diluted share) in the quarter versus a net loss of $6.35 million in the year-earlier quarter.
Revenue: Decreased 15.74% to $467.7 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: E*TRADE Financial Corporation reported adjusted net loss of 0 cent per share. By that measure, the company met the mean analyst estimate of $0. It missed the average revenue estimate of $476.53 million.
Quoting Management: “While 2012 was characterized by a retrenchment of the retail investor, our brokerage business remained resilient,” said Matthew Audette, CFO. “Our net new assets and accounts surpassed 2011 levels as we continued to grow the franchise and made solid early progress in the retirement and investing segment…