Schwab Earnings Top Estimates on Trading Boost, Client Assets

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Schwab Earnings Top Estimates on Trading Boost, Client Assets

Bloomberg07-18

Charles Schwab Corp. reported earnings per share that topped estimates as the firm said client assets hit a new record and trading revenue rose.Schwab posted adjusted earnings per share of $1.14 while...

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Revenue from client trades jumped 23% to $952 million.“Retail investors and RIAs continued to turn to Schwab as a trusted partner, opening over 1 million new brokerage accounts,” said Charles Schwab Chief Executive Officer Rick Wurster.Still, the firm attracted $73.6 billion in total net new assets, which was below analyst expectations. Daily average revenue trades also just narrowly topped analyst forecasts at 7.57 million in a quarter characterized by market turmoil from President Donald Trump’s tariff and policy changes.Shares were up about 2.6% in early New York trading.The firm said in May that it saw two of its busiest trading days ever during the quarter, triggering calls to Schwab clients when they neared a margin call. The thinking behind the calls, Wurster explained then, was that customers could top off accounts rather than automatically being pulled out of a position, which he said that clients appreciated at the time.Schwab said on Friday that margin balances ended the quarter at $83.4 billion – largely flat quarter over quarter — “as investors selectively increased leverage while equity markets rebounded following the disruption in early April.”The firm also said new brokerage account openings rose 11% year-over-year to 1.1 million.Schwab said that client transactional sweep cash ended June at $412.1 billion, “enabling us to further reduce higher cost bank funding by $10.4 billion to $27.7 billion at quarter-end,” CFO Mike Verdeschi said in the statement.","kind":"news","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"express","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"hasMoreComments":false,"newsSizeData":{"likeSize":2,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"isCrawlerRequest":true}