Envestnet Q4 Earnings Beat Analyst Expectations

Envestnet Q4 Earnings Beat Analyst Expectations

Envestnet, a Chicago-based wealth management technology provider, reported adjusted net income from the fourth quarter of $0.23 per share, or $8.6 million, beating analyst predictions by $0.01 per share.

The company reported revenues in the quarter that ended Dec. 31 of $96.8 million, a 30 percent increase from the year-ago period. For the full year, revenues increased 44 percent to $348.7 million, and adjusted net income was $29.5 million, or $0.80 per share.

Assets under management and administration totaled $246.4 billion, a 38 percent increase from the end of 2013.

Envestnet also reported that it surpassed $700 billion in platform assets and served more than 40,000 advisors.

The report did not include the announcement to acquire Upside, a year-old tech company that has developed an automated, online financial planning and investment platform. Envestment announced the acquisition Thursday, and is expected to develop the platform into its own robo-advisor to complete with products from Wealthfront and Betterment. 

TAGS: Technology
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