LPL Financial reported second quarter net income of $39.5 million, down $6 million compared to $45.5 million in the same quarter of 2011. Net revenues for the second quarter of 2012 increased 1.5% to $907 million, from $894.0 million in the prior year period.
"Investors are exhibiting more cautious behavior in light of the uncertain market conditions, which manifests itself in lower investment activity and reduced trading," Mark Casady, LPL's chairman and CEO, said in a statement. "At the same time, our performance has been impacted by our ongoing commitment to additional investment. This strategy is driven by our confidence in the strength of our underlying business and in our competitive position, but has placed further pressure on our bottom-line results this quarter.
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