Charles Schwab Profit Rises, Beats Expectations

By Patrick Thomas

Charles Schwab Corp. (SCHW) said its profit rose for its third quarter as revenue grew 5% from a year earlier.

The electronic broker reported a profit of $951 million, or 70 cents a share, compared with $923 million, or 65 cents a share, a year ago. Analysts polled by FactSet were expecting earnings of 64 cents a share.

Revenue increased to $2.71 billion from $2.58 billion a year earlier. Analysts had expected $2.64 billion of revenue in the quarter. The company said it had 363,000 new brokerage accounts in the quarter, raising its active brokerage accounts to 12.1 million, up 6% year-over-year.

Clients' daily average trades rose 5% from the comparable quarter a year prior. Average revenue per revenue trade was $6.94, down from $7.27 the year prior, the company said.

Write to Patrick Thomas at patrick.thomas@wsj.com

(END) Dow Jones Newswires

October 15, 2019 09:16 ET (13:16 GMT)

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