E*Trade( EGRP) said it earned 2 cents a share excluding certain items in its fiscal fourth quarter, better than analysts expected.
First Call/Thomson Financial
, the online broker was expected to break-even results in the quarter ended Sept. 30. E*Trade's profit from ongoing operations was $7.2 million, or 2 cents a share, compared to a loss of $33.4 million, or 12 cents a share, a year earlier. The company noted that results from its ongoing operations exclude the amortization of goodwill and merger-related expenses, the gain on sale of investments and an unrealized loss on its venture fund.
Net revenue climbed 76% to $340 million from $193 million a year earlier. E*Trade also said that it added 337,000 new brokerage and banking accounts during the period, pushing up its total active accounts to more than 3.3 million. A year earlier it had 1.7 million accounts.