- Charles Schwab Corp.
- 16 July 2024 13:02:50
Source: Sharecast
Earnings per share came in at 73 cents, down marginally from the 74 cents reported in the second quarter of 2023 but slightly above the 72 cents expected by the market. Revenue were bang in line with consensus at $4.68bn, down from $4.78bn previously.
The company said total client assets hit a record $9.4trn during the quarter, driven by the strong performance of equity markets and "organic asset gathering", while core net new assets totalled $61.2bn, with both indicators up 17% year-on-year.
Net flows into Managed Investing solutions reached $25bn, up 56% over the year-to-date compared with the first six months of 2023. "Client interest in our broad array of wealth solutions remained strong through June. Year-to-date enrolments are up [around] 30% versus the prior year period," said co-chairman and chief executive Walt Bettinger.
Bettinger said Schwab's "no trade-offs proposition continued to resonate with investors" during the period, with new brokerage accounts opened this year topping the 2m mark.
However, while the company reported 985,000 new brokerage accounts were opened during the second quarter, up from 960,000 a year earlier, that was fewer than the 1.04m expected by analysts.
Stock futures were down 4% at $72.06 by 0754 in New York, following a 20% gain over the past six months.