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Charles Schwab Corporation (SCHW) Profit Plunges 45%

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Charles Schwab Corporation SCHW Profit Plunges 45%

Brokerage firm Charles Schwab Corporation
(NYSE: SCHW) released an earnings report on Thursday morning that saw profits slide 45%.

The Charles Schwab Corporation reported a 1st quarter profit of $119 million, or 10 cents per share, compared to $218 million, or 19 cents per share, a year earlier.

The Charles Schwab Corporation also reported that net revenue fell 12% to $978 million.

According to a poll of analysts by FactSet Research, Wall Street was expecting a profit of 11 cents per share, on revenue of $988 million.

Although it missed analysts' estimates, Charles Schwab Corporation also reported that its total client assets climbed 36% to a new record of $1.49 trillion.

After the opening bell, shares of Charles Schwab Corporation were trading just below the previous day's closing price of $19.35.

 

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Posted-In: FactSet ResearchEarnings News Markets

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