Charles Schwab Profit Rises, Beats Expectations

Date : 10/15/2019 @ 1:31PM
Source : Dow Jones News
Stock : Charles Schwab Corporation (SCHW)
Quote : 44.35  0.97 (2.24%) @ 1:00AM
After Hours
Last Trade
Last $ 44.26 ▼ -0.09 (-0.20%)

Charles Schwab Profit Rises, Beats Expectations

Charles Schwab (NYSE:SCHW)
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2 Months : From Sep 2019 to Nov 2019

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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)

Copyright (c) 2019 Dow Jones & Company, Inc.

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