Stock Watch: Strong Quarter Powers E*Trade

E*Trade Group, Inc. (Nasdaq: EGRP) was another beneficiary of a strong earnings report, though the stock ended the day slightly lower after being caught in a general sell-off of technology stocks. Company shares slipped 11/16 to 22 3/4 after trading as high as 25 1/4.

Revenue for the second quarter ended March 31st rose to $407 million, a 152 percent increase from a year earlier, and income from ongoing operations was $1.3 million, or breakeven per share, compared with a loss of $13.3 million, or 5 cents, in the year-earlier quarter. For the latest quarter, the company posted a net loss of $23.2 million, or 8 cents a share.

The online brokerage said the “results demonstrate the strength of the company’s all-electronic business model and set the stage for continuing growth as one of the world’s leading blue chip e-commerce companies and brands.”

E*Trade reported a 226 percent increase in average transactions per day, and a 182 percent gain in total page views for the quarter, as a booming stock market led to more business.

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