Charles Schwab Corporation (NYSE:SCHW) stock was up on Monday following the release of its earnings report for the first quarter of 2018.
During the first quarter of the year, Charles Schwab reported earnings per share of 55 cents. This is an increase over its earnings per share of 39 cents from the same time last year. It was also good news for SCHW stock by beating out Wall Street’s earnings per share estimate of 53 cents for the period.
Net income reported by Charles Schwab for the first quarter of 2018 was $783 million. This is better than its net income of $525 million that was reported in the first quarter of 2017.
“In the first quarter, investors experienced sharp market swings,” Charles Schwab CEO Walt Bettinger said in a statement. “Amidst the volatility, client interactions surged as we offered the insight and assistance they expect – call volumes and web logins from both our retail and independent advisor clients were up nearly 20% and 50% from their respective quarterly averages.”
Revenue reported by Charles Schwab for the first quarter of the year was $2.40 billion. The bank and brokerage firm reported revenue of $2.08 billion during the same period of the year prior. This was a boon to SCHW stock by coming in above analysts’ revenue estimate of $2.36 billion for the quarter.
Charles Schwab also notes that actions it took to pay down its debt in the first quarter of the year brought its consolidated balance sheet assets to $248 billion at the end of the quarter. It says it expects to reach $250 billion in the first half of 2018.
SCHW stock was up 2% as of Monday morning.
As of this writing, William White did not hold a position in any of the aforementioned securities.