Online brokerage optionsXpress Holdings Inc. reported quarterly profit above expectations on lower expenses and taxes.
Net income for the third quarter was $12.9 million, or 22 cents a share, compared with $16.3 million, or 28 cents a share a year ago.
Analysts expected the company to earn 18 cents a share on revenue of $53.95 million, according to Thomson Reuters I/B/E/S.
Net revenue at the Chicago-based brokerage firm was down 14 percent to $53.4 million.
During the quarter, optionsXpress’ cleared daily average revenue trades (DARTs) — a key measure of trading activity for retail brokerage firms — decreased 7 percent to 39,000.
Expenses fell 5 percent to 35.0 million, while taxes declined 39 percent to $5.5 million.
Shares of the company, which have traded relatively flat since having reported strong second-quarter results in July, closed at $15.81 Monday on Nasdaq.
