Net income in the quarter was $161 million, or 72 cents a share, down 40% from $270 million, or $1.09, in the year-earlier quarter. Analysts predicted 90 cents for the latest quarter, according to a FactSet survey.
Revenue registered $707 million in the latest quarter, down 6.4.% from $755 million a year earlier. Analysts forecast $719.3 million for the latest quarter.
Morgan Stanley agreed in February to acquire E-Trade for $13 billion and expects to close the deal late this year.
“The first quarter was truly extraordinary, as the global pandemic altered the dynamics of how we live and work, while rocking the financial markets,” E-Trade Chief Executive Mike Pizzi said in a statement.
“We shattered customer activity records and generated unprecedented organic growth. January, February, and March represented our three highest individual trading months ever. In fact, the 42 highest trading days on record were all realized during the first quarter.”
With more than $18 billion of net new retail assets flowing in during the first quarter, E-Trade eclipsed all its previous yearly total flows.
It grew retail accounts by 329,000, generating greater account growth in the month of March than it did in any previous full-year period.
At last check E-Trade shares stood at $37.51, down 1.9%. The stock slipped 1.1% during the regular Thursday session and has dropped 18% in the past three months.