Charles Schwab earnings for the company’s second quarter of the year has SCHW stock on the rise Tuesday.
Charles Schwab (NYSE:SCHW) reports earnings per share of 66 cents for the second quarter of 2019. This is up from the company’s earnings per share of 60 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 65 cents for the period.
The most recent Charles Schwab earnings report also has it bringing in net income of $937 million. That’s 8% better than the company’s net income of $866 million reported in the second quarter of 2018.
Revenue reported by Charles Schwab for the second quarter of the year comes in at $2.68 billion. This is an increase over the financial company’s revenue of $2.49 billion reported in the same period of the year prior. It was also a blessing to SCHW stock by coming in above analysts’ revenue estimate of $2.67 billion for the quarter.
“Both advisors and individual clients contributed to our total core net new assets of $37.2 billion during the second quarter,” Walt Bettinger, CEO of Charles Schwab, said in a statement. “With first half core net new assets of $88.9 billion, we sustained an annualized organic growth rate in excess of 5% throughout the period despite seasonal tax outflows in April.”
SCHW stock was up 3% as of Tuesday afternoon. However, the stock is also down 3% since the start of the year.
As of this writing, William White did not hold a position in any of the aforementioned securities.