TD Ameritrade’s profit falls 37% after cutting commissions

OMAHA, Neb. (AP) – Online brokerage TD Ameritrade’s fiscal first-quarter profit fell 37% in the first full quarter with free commissions on most trades.

The Omaha, Nebraska, based company said Tuesday it earned $379 million, or 70 cents per share, in the quarter.

The company said one-time costs drug its earnings down 6 cents per share.

The analysts surveyed by Zacks Investment Research expected earnings of 77 cents per share on average.

TD Ameritrade agreed last fall to be bought by rival Charles Schwab in a $26 billion stock deal that is expected to close in the second half of this year.

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