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

ET 17.35

-0.6%

Jan 16 9:30 AM EST

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To: Dorine Essey who wrote (6174)	4/22/1999 8:43:00 AM
From: Tumbleweed	Read Replies (1) of 13953

ETrade Claims 3.5% of Nasdaq Trades in Q2 ETrade Group Inc reported second quarter net income up 28% at $5.77m including a $20m gain for the sale of an investment, from $4.5m last time on revenue that rose 125% to $126.65 from $56.13m. The company's operating loss was $22.95m down from an operating profit of $7.46m and up slightly in the sequential comparison from a $22.66m loss as it continues to spend of building a brand and acquiring new accounts. The loss was less than Wall Street had anticipated. The company said it added 233,000 accounts in the quarter, up 77% from last time. The cost of adding accounts, including acquisitions, was down 17% to $250. It's got an average of $56m in deposits each day. It handled 4.3 million transactions in the quarter, up 168% from last time, a rate of 70,000 per day. It handled $50bn worth of business in the quarter, or $4bn a quarter and claims to have handled 2.26% of combined equity market business during that period. It had a 3.55% share of Nasdaq trading, up from 1.92% last time. It's got $21.1bn customer assets.

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