One day after

Charles Schwab

(SCH)

said existing earnings estimates were too high, rival

Ameritrade

(AMTD) - Get Report

lowered earnings and revenue guidance for the current quarter.

The online brokerage expects earnings of 1 cent to 2 cents a share in its current second quarter, and revenue of $132 million to $150 million. Analysts surveyed by First Call were forecasting earnings per share of 5 cents and revenue of $160.5 million.

In the third and fourth quarters, Ameritrade predicted earnings of 3 cents to 11 cents a share; analysts were predicting 8 cents in the third quarter and 10 cents in the fourth quarter. Revenue will be between $116 million and $200 million in the third quarter and between $116 million and $195 million in the fourth quarter; analysts were predicting $171.5 million in the third and $171 million in the fourth.

The company said it opened 28,000 new accounts during February for a total of 2,898,000 accounts. It said average daily volume was 100,000 trades.