Charles Schwab Q3 2024 Earnings Beat Estimates; Shares Surge 8.9% on $0.77 EPS, $4.847B Revenue, and 25% Profit Increase

Oct 15, 2024, 01:40 PM

Charles Schwab reported its third-quarter earnings for 2024, achieving an adjusted earnings per share (EPS) of $0.77, surpassing the analyst estimate of $0.75. The company's revenue also exceeded expectations, coming in at $4.847 billion compared to the forecast of $4.778 billion. Following the earnings announcement, Schwab's shares surged, rising by approximately 8.9% in premarket trading. The firm noted a significant increase in client assets, which reached $9.92 trillion, marking a 27% rise year-over-year. Additionally, net new assets increased by 10%, totaling $95.3 billion. Schwab's solid performance was attributed to higher asset management fees and an overall improvement in key metrics, despite previous concerns regarding its financial stability.