TD Ameritrade (AMTD) revealed first-quarter revenue on Tuesday short of analyst expectations, as sales fell despite growth in new client assets.  

The Omaha, Neb.-based online brokerage reported net income of $152 million, or 27 cents a share, on new client assets of $10.2 billion, compared with a year-earlier profit of $163.6 million, or 29 cents a share.

Analysts in a Thomson Reuters poll had been anticipating a profit of just 26 cents.

Revenue for the three months ended Dec. 31 was $653 million, down from $703 million a year ago and missing the Street’s view of $671.5 million.

TD Ameritrade CEO Fred Tomczyk said the company continued to perform well in the "face of a difficult market environment."

“We remain focused on maintaining this organic growth momentum, keeping our expenses in check and using our strong balance sheet and free cash flow to take advantage of opportunities as they present themselves,” he said. 

Meanwhile, the company declared a quarterly dividend of 6 cents a share, payable on Feb. 15 to shareholders of record on Feb. 1. During the first quarter, TD Ameritrade repurchased 6.7 million shares at an average price of $15.91 a share.

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