Charles Schwab Earnings: SCHW Stock Surges on Q4 Earnings Beat

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Charles Schwab earnings (NYSE:SCHW) were released early in the day on Wednesday, helping to lift SCHW shares higher as the company’s profit was stronger than what analysts were calling for in their consensus estimate.

Charles Schwab earningsThe bank and brokerage firm said that for its fourth quarter of its fiscal 2018, it brought in profit of $935 million, or 65 cents per share, which is higher than the $597 million, or 41 cents per share, it brought in during its fourth quarter of fiscal 2018. Analysts were calling for profit of 64 cents per share, according to data compiled by FactSet.

Charles Schwab added that it booked $2.67 billion in net revenue during the period, marking a 19% gain from its year-ago quarter, while also surpassing the $2.64 billion that analysts were calling for, according to FactSet. The company’s net-interest revenue surged about 42% to $1.63 billion, while its asset management and administrative fees slid 13% to $755 million.

The company added that its trading revenue gained $52 million from $154 million to $206 million year-over-year. Charles Schwab also said that clients opened roughly 380,000 new brokerage accounts during the period, which is lower than the 386,000 new accounts opened during the fourth quarter of its fiscal 2017.

This decline is due to the fact that stock markets were volatile late last year, according to the firm.

SCHW stock is up about 5.5% during regular trading hours as of the end of trading on Wednesday. Shares did not move after the bell.


Article printed from InvestorPlace Media, https://investorplace.com/2019/01/charles-schwab-earnings-schw-stock/.

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