Charles Schwab shares rise on solid Q3 print
Charles Schwab (NYSE: SCHW) posted earnings and revenue for the fiscal Q3 above analyst expectations, sending its shares rising more than 7% in premarket trading Tuesday.
The financial services firm reported adjusted earnings per share (EPS) of $0.77, topping the average analyst estimate of $0.75.
Quarterly revenue hit $4.85 billion, also higher than the consensus estimate of $4.77 billion.
Total net new assets were reported at $90.8 billion, while total client assets jumped 27% year-over-year to a record $9.92 trillion, ahead of the estimated $9.75 trillion.
"Our momentum with clients continues to build following the successful completion of the Ameritrade conversion earlier this year," said Walt Bettinger, co-chairman and CEO of Charles Schwab.