Charles Schwab's Third-Quarter Profit Jumps on Higher Asset Management Fees
(Reuters) - Brokerage firm Charles Schwab's third-quarter net income rose about 25% on Tuesday, driven by a jump in asset management fees and client assets hitting a record high, sending its shares up more than 9% in premarket trading.
Charles Schwab is profiting from customers who want professional help with investing
Shares of brokerage Charles Schwab Corp. had one of their best days of the year after the company announced its third-quarter earnings on Tuesday. Schwab SCHW beat Wall Street estimates for both profit and revenue.
Charles Schwab Stock Jumps After Profits, Revenue Beat Expectations
Charles Schwab shares surged after the brokerage reported better quarterly profits and revenue than expected. Net income grew 25% from a year earlier to $1.4 billion, or 71 cents per share, better than the 69 cents analysts polled by FactSet had expected.
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