Charles Schwab (NYSE:SCHW) earnings for first quarter of 2020 have SCHW stock heading lower on Wednesday. That’s thanks to its earnings per share (EPS) of 58 cents missing Wall Street’s estimate of 62 cents. However, the banking company’s revenue of $2.62 billion does come in above analysts’ estimates of $2.61 billion.
Now, let’s take a closer look at the most recent Charles Schwab earnings report.
- Per-share earnings for the quarter are down 15.94% from 69 cents during the same time last year.
- Revenue is sitting 3.68% lower than the $2.72 million from the first quarter of 2019.
- The Charles Schwab earnings report also has it bringing in a net income of $795 million.
- That’s a 17.53% decrease compared to its net income of $964 million from the same period of the year prior.
Walt Bettinger, chief executive officer of Charles Schwab, said this about the SCHW stock earnings.
“We’ve been up and running day after day, without significant disruption, as our clients entrusted us with $73.2 billion in core net new assets during the first quarter, up 42% year-over-year and a first quarter record. In addition, our clients opened a record 609,000 new brokerage accounts – over 280,000 in March alone – bringing total active brokerage accounts at quarter end to 12.7 million, up 8% from March 2019.”
There’s no outlook update in the most recent Charles Schwab earnings report. Wall Street’s estimates for 2020 include EPS of $1.95 on revenue of $9.58 billion, but those numbers may change due to the novel coronavirus.
SCHW stock was down 4.11% as of Wednesday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.