SCHW Charles Schwab Corporation

   By Austen Hufford 
 

Charles Schwab Corp. (SCHW) released its second-quarter financial results before the market opened Tuesday. Here's what you need to know.

REVENUE: For the quarter, revenue rose 17% to $2.49 billion, compared to the $2.47 billion expected by analysts polled by Thomson Reuters. Net interest revenue rose 34% to $1.41 billion while asset management fees fell 3.7% to $814 million.

PROFIT: The company brought in a profit of $866 million, or 60 cents a share, compared to $575 million, or 39 cents a share, a year before. EPS was above the 58 cents expected by analysts.

STOCK: Shares, down 0.6% so far this year, rose 2.1% in premarket trading.

MARKET COMMENT: "While markets felt fairly volatile, investors remained engaged, and we saw record trading for the first half of 2018," Chief Executive Walt Bettinger said.

CLIENT ASSETS: The company reported total client assets of $3.4 trillion, up 1% from the prior month and 12% from the same month a year before.

NEW ACCOUNTS: The company said that customers opened 384,000 new accounts in the quarter, bringing the first half total to 827,000, which was the highest level in 18 years.

Write to Austen Hufford at Austen.Hufford@wsj.com

(END) Dow Jones Newswires

July 17, 2018 09:43 ET (13:43 GMT)

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