Charles Schwab’s Earnings Narrowly Beat Forecast
The financial services company reported earnings per share (EPS) of $0.74 U.S., topping analyst estimates by one penny.
Revenue for the January through March quarter amounted to $4.70 billion U.S., which matched Wall Street’s expectations. Sales declined 7.3% from the same period a year ago.
Charles Schwab reported that its client assets reached a record $9.1 trillion U.S. in the most recent quarter, up 20% from a year earlier.
The Texas-based company has struggled over the past year as deposit outflows accelerated amid a flight to high-yielding bonds.
The latest results suggest that Charles Schwab might now be on the rebound as assets once again grow.
The company reported net new assets of $88.20 billion U.S. for the first quarter, its highest amount since the first quarter of 2023 when the company brought in $150.70 billion U.S.
Charles Schwab also reported that its total supplemental funding decreased by $8.80 billion U.S. in Q1, ending the period at $70.80 billion U.S.
The stock of Charles Schwab has risen 32% over the last 12 months and currently trades at $70.03 U.S. per share.
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