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DLJ, E*Trade beat Street
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July 19, 2000: 3:33 p.m. ET
DLJ 2Q falls from year ago; E*Trade beat loss estimates with earnings
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NEW YORK (CNNfn) - Two brokerages, Donaldson Lufkin & Jenrette Inc. and E*Trade Group Inc., beat Wall Street expectations Wednesday.
Gains made by Donaldson Lufkin & Jenrette's financial services group helped the brokerage beat expectations even though net income fell from a year ago.
And, online brokerage firm E*Trade also beat expectations for a loss of 1 cent, with earnings of 2 cents a share, which it attributed to a 77 percent revenue increase.
Donaldson Lufkin & Jenrette revenue climbs
New York-based Donaldson Lufkin & Jenrette Inc. (DLJ: Research, Estimates) reported second-quarter net income that fell 2.1 percent to $162.2 million, or $1.15 a diluted share, from $165.7 million, or $1.14 a share, a year earlier. Analysts surveyed by earnings tracker First Call had expected earnings of 96 cents a share.
 Total revenue climbed 31 percent to $2.4 billion while the investment bank's net revenue, minus interest expense, rose only 9 percent to $1.6 billion. Fees jumped nearly 55 percent to $514.8 million. However, underwritings fell 53 percent to $191.3 million.
Net revenue for DLJ's financial services group jumped 30 percent to $567.2 million. However, net revenue for the banking group dropped nearly 3 percent to $461.6 million.
DLJ shares slipped 11/16 to 47-1/2 in trading Wednesday.
E*Trade adds new customers
The Menlo Park, Calif.-based E*Trade reported third-quarter net profit of $5.7 million, or 2 cents a share, compared with a net loss of $37.7 million, or 21.4 cents a share, in the year-earlier period.
That beat Wall Street's estimate of a loss of 1 cent a share, according to a survey by earnings tracker First Call/Thomson Financial.
 Revenue for the company, which added 330,000 new customers in the quarter, grew to $330.3 million from $186.4 million, a 77 percent change compared with the year-ago quarter.
With the addition of the new customers, the company's total customer base was nearly three million for the quarter. However, the number of new customers dropped slightly from the year-ago quarter when it added 343,000 new customers.
The company said it launched a number of initiatives during the quarter, including installation of E*Trade automatic teller machines at the offices of major corporations. The company also entered an agreement to provide personalized investment advice to Ernst & Young customers.
E*Trade also set up education savings and mutual fund programs in the quarter.
Shares of E*Trade (EGRP: Research, Estimates) gained 1/8 to 18-1/16 in trading Wednesday. 
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