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Non-Tech : E*Trade (NYSE:ET)

ET 17.06

+0.7%

1:12 PM EST

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To: David S. who wrote (2775)	4/8/1998 4:19:00 PM
From: Oeconomicus	Read Replies (2) of 13953

International revenue? The press release said it was $1,593m vs $2,000m in '97Q2. Is there some other number that isn't detailed in the release? As for the expense numbers, cost of services increased relative to revenues from 44.5% to 45.5% and selling and marketing increased from 15.8% to 19.8% while technology development dropped by 0.1% to 9.7% and G&A dropped by 2% to 7.3% (did they pay bonuses last Q?). That's all the recurring operating expense lines and in total they increased from 79.4% of revenue to 82.4%. Is that what you meant by "consistent between quarters"? In any case, it's still priced as a fast growth stock with it's 40+ PE. The growth doesn't look that fast any more. Regards, Bob

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