Interactive Brokers (IBKR): What A Mess

Interactive Brokers (IBKR), the automated broker and market maker, posted some ugly numbers this morning and paid dearly. The company went public in early May at $30, raising $1.2 billion. It reached as high as $34.25.

Today's weak earnings took the stock below $25. Pro forma net was $12.4 million, down from $13.8 million in the same quarter last year. Revenue was close to flat at $300 million.

With total trades handled by the company rising 40% from last year's quarter to this, it is hard to imagine how the company did so poorly.

It appears that perhaps it is an IPO that should have never happened.

Douglas A. McIntyre can be reached at douglasamcintyre@247wallst.com. He does not own securities in companies that he writes about.