: Charles Schwab earnings fall in Q2 but still beat consensus estimates

Charles Schwab Corp.’s stock SCHW rose 0.6% in premarket trade Tuesday, after the discount brokerage’s second-quarter earnings fell from a year ago but still topped consensus estimates. The company had net income of $1.294 billion, or 64 cents a share, for the quarter, down from $1.793 billion, or 87 cents a share, in the year-earlier period. Adjusted per-share earnings came to 75 cents, ahead of the 71 cent FactSet consensus. Revenue fell 9% to $4.656 billion, ahead of the $4.610 billion FactSet consensus. Schwab gathered $52 billion in core net new assets in the quarter, brining the year-to-date total to more than $180 billion, said CEO Walt Bettinger. “While we observed signs of typical tax seasonality, as well as softer investor sentiment at the beginning of the quarter, we still attracted nearly 1 million new brokerage accounts and finished the period serving $8.02 trillion in total client assets across 34 million accounts,” he said in a statement. The stock has fallen 30% in the year to date, while the S&P 500 SPX has gained 17.8%.

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