, the online brokerage arm of
Credit Suisse First Boston
, reported a wider loss in the fourth quarter, despite beating analysts' expectations, as the declining stock market affected trading volume.
Excluding items, the Jersey City, N.J., firm, formerly
, lost $6.7 million, or 6 cents a share, compared with a loss of $2 million, or 2 cents a share, in the same period last year. Nine analysts surveyed by
First Call/Thomson Financial
expected a loss of 9 cents a share for the latest quarter.
Revenue was $80.4 million, up from $76.7 million for the same period in 1999.
The company also said CSFB plans to release its fiscal 2000 earnings with parent company
Credit Suisse Group
around March 13. CSFB expects to post a "substantial" loss for the year, citing a decline in business activity, costs associated with the merger of
and Credit Suisse, and a slower market during the fourth quarter of 2000.
Shares of CSFBdirect lately lost a penny, or 0.2%, to $4.31 in midday composite trading on the
New York Stock Exchange