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Ameritrade Holding Corp. (Nasdaq: AMTD) rose 15/16 to close at 13 3/16 Tuesday after the online brokerage reported stronger-than-expected results for the third quarter ended June 30th.
Earnings, however, were below year-earlier levels. The company earned $4.6 million, or 3 cents per share, down from $8.92 million, or 5 cents. Analysts had expected a loss of a penny per share.
Brokerage operations accounted for $14.6 million, or 8 cents per share, of the latest quarter's income. Revenue rose to $149 million from $78.1 million.
Ameritrade said its $41 million investment in advertising paid off during the quarter, with 186,000 new accounts opened. Customers averaged seven trades per account during the quarter, with a 108 percent growth in trading activity.
"Ameritrade is an exceptionally lean organization, effectively managed to maintain consistent growth matched with profitability," said Chief Executive Officer Tom Lewis.
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