Charles Schwab Q3 revenue up 17%, slightly misses estimates
SCHW•Charles Schwab’s third-quarter revenue rose 17% year over year to $7.17 billion, slightly below the $7.19 billion consensus estimate. Adjusted EPS increased 29% to $1.69, beating estimates, and the company repurchased $500 million in stock.
1. Quarterly results
Charles Schwab reported third-quarter net income of $2.9 billion and adjusted EPS of $1.69, compared with analyst estimates of $1.66. Revenue was $7.17 billion, just below the $7.19 billion consensus.
2. Assets and trading
The company said record net new assets of $190.4 billion and 1.2 million new brokerage accounts drove results. Higher trading volumes also contributed, with daily average trading volume up 44% year over year. Schwab repurchased $500 million in stock during the quarter.
3. No specific guidance
Schwab did not provide specific financial guidance for the current quarter or full year. Net interest margin was 3.04%.
