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MarketWatch MarketPulseOct 17, 2019
E-Trade tops Q3 views, vows to take market share in 'zero fee' environment
E-Trade Financial Corp. stock fell slightly in the extended session Thursday after the discount brokerage reported third-quarter earnings above Wall Street expectations. E-Trade said it earned $274 million, or $1.08 a share, in the quarter, compared with $285 million, or $1 a share, in the year-ago period. Revenue rose to $767 million, which the company called a "record," from $729 million a year ago. Analysts polled by FactSet had expected GAAP and adjusted earnings of $1.01 a share on sales of $743 million. E-Trade and other brokerages have moved to "zero commissions" in the past weeks, which E-trade Chief Executive Mike Pizzi called a "meaningful shift" for the industry. "As a digital-first company, backed by one of the most sophisticated customer support teams in the industry, we will leverage our advantage to grow and take share, especially as price is removed as a point of competitive differentiation," Pizzi said. Shares of E-Trade ended the regular trading day 0.1% higher.

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