By Lisa Beilfuss
Charles Schwab Corp. said Friday that earnings for its first
quarter are running a penny per share lower than its year-earlier
results, as client trading activity has started out below
expectations and as equity market returns were negative until early
February.
Schwab is due to report first-quarter results on April 13.
The San Francisco, Calif.-based brokerage firm added that it
would assess its spending in view of its developing revenue
picture.
Shares of Schwab were down 1.8% at $30.49.
A year ago, Schwab reported earnings of 24 cents a share. For
the current quarter ending March 31, analysts had forecast, on
average, earnings of 25 cents a share on $1.6 billion in revenue,
according to Thomson Reuters.
Total client assets rose to $2.53 trillion through February, up
10% from a year earlier and up 4% from January.
Fellow broker E-Trade Financial Corp said Friday that daily
average revenue trades fell 11% in January from the previous year
but rose 4% in February from January.
Write to Lisa Beilfuss at lisa.beilfuss@wsj.com
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