Charles Schwab Corp. (NYSE:SCHW) delivered a profit and missed Wall Street’s expectations, BUT beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are up 3.67%.
Charles Schwab Corp. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased 10% to $0.18 in the quarter versus EPS of $0.20 in the year-earlier quarter.
Revenue: Rose 0.3% to $1.34 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: Charles Schwab Corp. reported adjusted EPS income of $0.18 per share. By that measure, the company missed the mean analyst estimate of $0.19. It beat the average revenue estimate of $1.32 billion.
Quoting Management: CEO Walt Bettinger said, “Schwab’s evolution from transaction specialist to full-service investment firm reflects our deep understanding of the changing needs of investors, as well as the advisors and employers who serve them. More than ever, clients look to us for help as they take ownership of their financial future. Over 430,000 accounts and $138 billion in assets are now enrolled in our retail advisory offers, increases of 12 and 17%, respectively, from a year ago. Including relationships under the guidance of independent advisors, more than 2.6 million accounts and over $980 billion in client assets at Schwab are currently receiving some form of ongoing advice.”
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