"Kathy Levinson, E*Trade's president and chief operating officer, said she expects the online brokerage to post break-even operational results in the third quarter of the 2000 fiscal year. Ms. Levinson said in an interview that she expected E*Trade to "make a couple of pennies" per share in the fourth fiscal quarter. Revenues for the entire 2000 fiscal year should come in around $1.3 billion to $1.4 billion, she said. E*Trade's fiscal year ends in September.
During the quarter, E*Trade said it attracted 603,000 net new accounts, bringing its total active accounts to 2.6 million, compared to 967,000 a year ago. At the same time, E*Trade said it maintained one of the lowest acquisition costs per net new account in the industry of $256, down 13% from the previous quarter. Average transactions per day increased to 229,000, up 226% from 70,000 a year ago, and up 73% from 133,000 in the first fiscal quarter of 2000."
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"Collins doesn't think E*Trade will stay above the break-even point next quarter, but he said the company's fiscal third quarter was already "off to a great start in terms of volumes and volatility."" |
