Charles Schwab Posts Lower 1Q Profit, Revenue
April 18 2022 - 9:30AM
Dow Jones News
By Will Feuer
Charles Schwab Corp. said profit and revenue declined in the
latest quarter, missing Wall Street's estimates, as client activity
slowed down.
The financial-services company said first-quarter net income
fell to $1.4 billion from $1.48 billion in the same period last
year. Per-share earnings were 67 cents, down from 73 cents a year
earlier.
Stripping out one-time items, Schwab's adjusted earnings were 77
cents a share. Analysts forecast adjusted earnings of 84 cents a
share.
Net revenue fell to $4.67 billion from $4.72 billion in the
year-ago quarter. Analysts were expecting $4.83 billion in revenue,
according to FactSet.
Total net new assets were $120.5 billion, compared with $133.8
billion a year earlier.
"Total revenues of $4.7 billion were just under the record level
set in the year-ago quarter amidst that extraordinary surge in
client activity, with increases in net interest revenue and asset
management and administration fees essentially offsetting the
effects of trading activity returning to more moderate levels,"
Chief Financial Officer Peter Crawford said.
Write to Will Feuer at Will.Feuer@wsj.com
(END) Dow Jones Newswires
April 18, 2022 09:15 ET (13:15 GMT)
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