Sign In  |  Register  |  About Daly City  |  Contact Us

Daly City, CA
September 01, 2020 1:20pm
7-Day Forecast | Traffic
  • Search Hotels in Daly City

  • CHECK-IN:
  • CHECK-OUT:
  • ROOMS:

Charles Schwab posts profit beat on robust asset management growth

Charles Schwab recorded a smaller-than-expected drop in quarterly profit on Monday as growth in asset management fees softened the blow from a fall in its net interest revenue.

U.S. brokerage firm Charles Schwab posted a smaller-than-expected drop in quarterly profit on Monday as strength in asset management fees softened the blow from a fall in its net interest revenue.

Charles Schwab's shares surged 6.2%, to $54.49, set for their best day in nearly three months, if gains hold.

The company relies primarily on clients' uninvested cash to fund its interest-earning businesses - like the purchase of fixed-income assets and lending.

TESLA, NETFLIX EARNINGS, UAW STRIKE, ISRAEL AT WAR TOP WEEK AHEAD

The Westlake, Texas-based company had said in August it would lay off staff and close or downsize some corporate offices as part of its cost-cutting plans.

WELLS FARGO RAISES INTEREST INCOME FORECAST AS THIRD-QUARTER PROFIT BEATS ESTIMATES

Charles Schwab's net interest revenue tumbled 23.5%, to $2.24 billion in the third quarter, reflecting the impact of client allocation decisions within a higher-interest-rate environment, it said.

Its quarterly revenue dropped 16.2%, to $4.61 billion, compared to the same quarter last year, missing analysts' average estimate of $4.63 billion, according to LSEG data.

JPMORGAN PROFIT RISES ON INTEREST INCOME BOOST

Excluding one-time costs, Charles Schwab's profit fell 31% year-over-year, to $1.52 billion, or 77 cents per share, for the three months ended Sept. 30. Analysts had expected 74 cents per share, according to LSEG data.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
 
 
Copyright © 2010-2020 DalyCity.com & California Media Partners, LLC. All rights reserved.