Instinet Expands Trading Services, Reports Q1 Loss
CONNECTIVITY
NEW YORK--Electronic agency broker Instinet used its first-quarter 2003 earnings call April 22 to report successes with its newer trading platforms as well as detail a plan to expand its crossing platform and its New York Stock Exchange (NYSE)-listed routing services.
However, the company continues to lose money, reporting a net loss of $34 million or $0.10 per share on the quarter, compared to a $35 million/$0.14 per share loss in Q1 2002. Revenues were down 10 percent from Q4 2002; transaction
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