E*TRADE Climbs In Pre-Market, Despite Q1 Loss

Posted on Friday, April 18, 2008 8:58 AM

(RTTNews) - Shares of E*TRADE Financial (ETFC) gained ground in pre-market trading on Friday. The company announced a loss for the first quarter, but revealed plans to cut costs and focus on its core business. The stock was up 44 cents in pre-market trading, a gain of more than 12%. The advance took the stock to $4.06, reversing some recent losses and bringing shares to a weekly high. E*TRADE reported a first quarter net loss of $91.2 million or $0.20 per share, compared to net income of $169.4 million or $0.39 per share in the prior year quarter. Total net revenue declined to $316.24 million from $644.99 million in the previous year quarter. Analysts polled by First Call/Thomson Financial expected a loss of $0.10 per share for the quarter on revenue of $363.94 million. For comments and feedback: contact editorial@rttnews.com