Charles Schwab reports marginal Q2 earnings beat, in-line revenue; stock down

Charles Schwab (NYSE: SCHW) reported Q2 earnings that marginally beat analyst expectations, while revenue came in line.

The company reported adjusted earnings per share (EPS) of $0.73 for the quarter, just above the consensus estimate of $0.72. Revenue for the quarter matched the consensus estimate, coming in at $4.69 billion.

Shares in the financial services firm slid over 4% in premarket trading.

Charles Schwab reported total net new assets of $74.2 billion, just below the estimate of $75.91 billion. Total client assets reached $9.41 trillion, above the estimated $9.36 trillion.

985,000 new brokerage accounts were reported for the second quarter, falling short of the estimated 1.04 million. However, the total number of active brokerage accounts reached 35.61 million, slightly above the estimate of 35.59 million.

By Vahid Karaahmetovic

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