Interactive Brokers (IBKR) reported second quarter earnings of 37 cents per share in the second quarter. That easily bested analysts expectations of 32 cents per share. This result was a 42 percent increase over last year’s earnings from the same quarter. Net revenues were $387 million in the quarter. Analysts were expecting just $345 million in revenue. Interactive Brokers clearly knocked the cover off the ball with this report. The first quarter report for Interactive Brokers was an ugly one because of currency loss, but the company quickly recovered this quarter.

Pre-tax profit margin stood at 62 percent vs. 56 percent a year ago. Expenses were a bit elevated in the quarter (up eight percent from last year, but that was more than offset by strong results in many different areas of the company.

Total Daily Average Revenue Trades (DARTs) were up 16 percent from a year ago, which was stronger than most expected. Customer accounts were up 18 percent from a year ago. Commissions and execution fees jumped 27 percent in the quarter. The electronic brokerage segment’s income before taxes increased by 42 percent.

Slightly higher volatility in the quarter helped the market making segment earn $30 million in the quarter. Pretax profit margin in the market making segment was up to 42 percent from 37 percent a year ago.

CEO Thomas Peterffy was extremely optimistic on the conference call. Peterffy said he believes Interactive Brokers has only captured 6 percent of its total addressable market.

Shares of IBKR edged down in Wednesday’s trade, but that was likely a sell on the news response. IBKR shares have nearly doubled in the past 52 weeks.

Click here for the full earnings report from Interactive Brokers.