Interactive Brokers (IBKR) reported a loss of 22 cents per share in the first quarter. In the same quarter a year ago, Interactive Brokers earned 34 cents per share. Net revenues came in at $172 million compared to $355 million a year ago. Analysts had expected the company to post a loss of 7 cents per share and revenues of $195 million, so this was a miss across the board.

The results in the first quarter were hit hard by a $121 million loss due to the sudden move in the value of the Swiss franc. This was something that alerted readers of months ago in our fourth quarter earnings post for Interactive Brokers, and we knew that Interactive Brokers had far more exposure to this than the other brokers.

It wasn’t only the Swiss franc that hit the company though. A $197 million loss on the company’s currency diversification strategy occurred due to the strengthening of the U.S. dollar against other currencies.

Excluding the impact of the Swiss currency move, pre-tax income rose 27 percent at the electronic brokerage segment for Interactive Brokers. At the market-making segment, it was another bad quarter. Pre-tax income there declined by 59 percent driven by an “environment with persistent low volatility and intensive competition.”

Impressively, Daily Average Revenue Trades (DARTs) actually increased 11 percent from a year ago. Customer accounts increased by 17 percent year over year to 296,000.

Interactive Brokers also made news by declaring a 10 cents per share quarterly dividend.

Investors cheered the dividend news as shares of IBKR hit a new 52 week high despite the earnings miss.

Click here for the full results from Interactive Brokers first quarter report.