SCHW - Charles Schwab Q1 earnings beat Street estimates

2024-04-15 08:18:49 ET

Charles Schwab Corporation (NYSE: SCHW) is in the green in premarket after reporting slightly better-than-expected financial results for its first quarter.

Why else is Charles Schwab stock up?

The stock is keeping resilient also because the financial services behemoth reported a 6.0% annualised growth in core net new assets to over $45 billion in March alone.

Charles Schwab also saw a 2.0% year-over-year decline in total expenses in Q1. Walt Bettinger – its chief executive said in a press release today:

Momentum across wealth solutions continued through Q1. Led by record flows into our premier fee-based solution, Schwab Wealth Advisory, net inflows increased 60% versus the prior year period.

is currently up more than 10% versus its year-to-date low.

Notable figures in Charles Schwab Q1 earnings release

Earned $1.36 billion versus the year-ago $1.60 billion

Per-share earnings also declined from 83 cents to 68 cents

Adjusted EPS printed at 74 cents as per the earnings report

Revenue slipped 7.0% year-over-year to $4.74 billion

Consensus was 73 cents a share on $4.72 billion in revenue

Charles Schwab expanded its pre-tax profit margin by a whopping 500 basis points in its first fiscal quarter. CEO Bettinger also said on Monday:

Against an improved macroeconomic backdrop, clients entrusted us with $96 billion in core net new asset. Solid investor engagement contributed to over 1 million new brokerage account openings.

This is a developing story. Check back in a few minutes for more updates!

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