NEW YORK (TheStreet) -- KCG Holdings (KCG) shares opened sharply higher Friday after the securities dealer reported first quarter earnings that rose 38.5% versus a year ago, beating analyst expectations on strong trading revenues.

Shares were up 7.27% to $11.06 shortly after the start of trading.

KCG earned $35.7 million or $0.30 per share versus expectations of $20.8 million, or $0.17. Revenues of $276.5 million compared to expectations of $245.7 million. The earnings were 23.4% higher than the fourth quarter of 2013.

KBW analyst Niamh Alexander stated in a note Friday the trading-driven earnings was partially offset by higher compensation even though pay was lower than she expected.

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