TD Ameritrade, ranked among the top three biggest online brokers in the U.S., said Tuesday its first quarter profit declined 23 percent and lowered its forecasts for the year citing the economic deterioration in the nation.

Ameritrade reported a profit of $184.4 million or 31 cents per share in the quarter ended Dec. 31, same as analysts expected according to a Thomson Reuter's poll. In the same period last year the company earned $240.8 million or 40 cents per share.

Revenue fell 5 percent to $610.7 million. In a statement the company noted there are not signs that the overall economic environment will get better.

The firm lowered its outlook for this year to 90 cents to $1.15 per share compared to a previous forecast of $1.10 to $1.42 it made three months ago.