FRANKFURT (dpa-AFX) - A disappointing quarterly report weighed on the shares of Flatexdegiro on Wednesday. According to traders, the online broker failed to meet expectations with its results and even a raised outlook was not convincing. The shares therefore fell by 4.7 percent after a good run.

They had already fallen slightly the previous day to their highest level since May 2022. Since the September low, they had gained up to 28% at their peak. Flatexdegiro's share price has been supported in recent weeks and months by the appointment of a new CEO and the start of share buybacks, among other things.

Flatexdegiro earned less than expected in the third quarter. The online broker met expectations in terms of turnover, but fell short in terms of profitability, wrote Warburg analyst Marius Fuhrberg in a study published on Wednesday.

Mengxian Sun from Deutsche Bank argued similarly due to higher costs. He also emphasized that the increased targets were not surprising and had already been incorporated into the consensus estimates. On average, analysts were even planning for slightly more than the broker's new targets for this year./tih/mis