SCHW Charles Schwab Corporation

By Patrick Thomas

Shares of Charles Schwab Corp. (SCHW) ticked up about 3.6%, to $39.11, after it reported better-than-expected third-quarter results.

The discount online broker posted a profit of $951 million, or 70 cents a share. Analysts polled by FactSet were expecting earnings of 64 cents a share.

Core net new assets were $56.6 billion, a third quarter record, and higher trading volume in the quarter was offset by a decline in average revenue per trade.

Revenue rose to $2.71 billion from $2.58 billion a year earlier. Analysts had expected $2.64 billion of revenue in the quarter.

Earlier this month, Schwab said it would eliminate commissions on online stock trades, a move that rattled online brokers that have been squeezed by investors' expectation that fees for financial services should be low.

Shares of Schwab are down about 6% this year and roughly 18% over the past 12 months.

"The equity markets have shown noteworthy durability--the S&P 500 remained up nearly 20% for the year as of quarter-end," Schwab Chief Executive Walt Bettinger said. "Concerns persist, however, regarding global trade and a generally softening economic outlook."

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

(END) Dow Jones Newswires

October 15, 2019 10:04 ET (14:04 GMT)

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