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![LPL Financial Holdings Inc. [LPLA] reports quarterly net loss of $288.8 million](/_next/image?url=https%3A%2F%2F10kinfo-appdata.s3.us-west-2.amazonaws.com%2Fedgar0105%2FCompanyLogos%2FUS%2FLPLA.png&w=1200&q=75)
LPL Financial Holdings Inc. [LPLA] has reported a net loss of $288.8 million for quarter ended Dec 31, 2023.
The Company said in a filing before the Securities and Exchange Commission that its total revenue for the quarter was $2.8 billion
Based in SAN DIEGO, California, LPL Financial Holdings Inc. operates in the FINANCE sector.
In the Condensed Consolidated Statements of Income (Unaudited) for the quarter ended March 31, 2024, compared with the same period in 2023, the financial performance of the company witnessed significant growth.
In terms of revenues, the total net revenues for the current period amounted to $2,832.6 million, reflecting a notable increase from $2,417.8 million in the previous year. This growth can be attributed to higher revenues across various segments, including Advisory, Commission, and Asset-based services.
On the expenses front, the Costs and Expenses totaled $2,458.4 million in the current quarter, up from $1,973.3 million in the same period last year. The rise in expenses was primarily driven by increased expenditures in areas such as Advisory and commission, Compensation and benefits, and Promotional expenses.
The Income Before Provision for Income Taxes for the quarter stood at $374.2 million, showing a decrease from $444.5 million in the prior year. This decline in income can be partly attributed to the higher expenses incurred during the period.
Furthermore, the Net Income for the quarter was reported at $288.8 million, down from $338.9 million in the same period last year. The decrease in net income reflects the impact of higher expenses on the overall profitability of the company.
In terms of Earnings Per Share (EPS), both basic and diluted EPS witnessed a decline in the current period compared to the previous year. The basic EPS for the quarter was $3.87, down from $4.30 in the same period in 2023, while the diluted EPS was $3.83, compared to $4.24 in the prior year.
Overall, while the company saw a notable increase in revenues, the higher expenses incurred during the quarter resulted in a decrease in net income and earnings per share compared to the same period last year.
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