SCHW - Charles Schwab Stock Slipped Over 15% This Week. Here's Why.
2024-07-19 15:18:50 ET
Shares of Charles Schwab (NYSE: SCHW) fell over 15% this week, according to data from S&P Global Market Intelligence . One of the largest brokerages posted slow growth and poor earnings as the company still deals with low-yielding assets on its balance sheet. As of 1:31 p.m. ET on Friday, July 19, Charles Schwab stock was down 17.5% this week.
Here's why.
This week, Charles Schwab reported earnings for the second quarter of 2024. For the first six months of 2024, revenue is down 3% from 2023. Net income looks even worse, down 7% year over year to $2.7 billion. Falling sales and earnings are not something investors prefer, which is why Charles Schwab stock slumped this week.
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Charles Schwab Stock Slipped Over 15% This Week. Here's Why.