Charles Schwab Corp (NYSE:SCHW), a savings and loan company, saw its stock drop on Monday despite posting positive results for its third quarter of 2016.
Charles Schwab reported earnings per share of 35 cents for the third quarter of 2016. This is an increase over the earnings per share of 28 cents that it reported during the same time last year. It also came in above the earnings per share of 33 cents that Wall Street was looking for.
Revenue reported by Charles Schwab for the third quarter of 2016 was $1.91 billion. The company reported revenue of $1.59 billion during the third quarter of last year. Analysts were estimating that the company would report revenue of $1.89 billion for the third quarter of 2016.
Charles Schwab also saw its net income increase during the third quarter of 2016. It reported net income of $503 million for the quarter. Net income reported by the company during the same time of 2015 was $376 million.
SCHW opened 264,000 new brokerage accounts in the third quarter of 2016. While this is an increase over the 254,000 opened in the third quarter of 2015, it was down from previous quarters in 2016. 271,000 new brokerage accounts were opened in the second quarter of 2016 and 265,000 were opened during the first quarter of the year.
Charles Schwab also reported that its trading revenue for the third quarter of 2016 was down by 17%. This had trading revenue for the third quarter of the year coming in at $190 million. Trading revenue reported by the company during the third quarter of the previous year was $228 million.
SCHW stock was down 2% as of Monday morning.
