Online brokerage TD Ameritrade says its fiscal first-quarter profit declined 3 percent, as trading slowed because of uncertainty over U.S. fiscal policy last fall.
The Omaha-based company says net income slipped to $147 million, or 27 cents per share, in the quarter that ended Dec. 31. That’s down from $152 million net income, or 27 cents per share, in the year-earlier period.
But Ameritrade was able to generate more asset-based revenue as it attracted $16 billion of net new client assets and it limited expenses.
That helped Ameritrade beat analysts’ expectations. Analysts surveyed by FactSet, on average, expect Ameritrade to report quarterly earnings per share of 24 cents.
Ameritrade reported revenue of $651 million, down slightly from last year’s $653 million. Wall Street expected $636 million in revenue.