Charles Schwab Q3 Adjusted EPS $0.77, Revenue $4.847B Beats Estimates; Shares Rise 9% as Profit Surges 25%

Oct 15, 2024, 12:47 PM

Charles Schwab reported a strong performance in its third-quarter earnings for 2024, with adjusted earnings per share (EPS) of $0.77, surpassing analysts' expectations of $0.75. The firm's revenue also exceeded forecasts, coming in at $4.847 billion compared to the anticipated $4.778 billion. Following the earnings announcement, Schwab's shares rose significantly, climbing as much as 9% in premarket trading. The company noted a 25% increase in profit driven by higher asset management fees and reported total client assets of $9.4 trillion, a 17% year-over-year increase. Additionally, Schwab recorded net new assets of $61.2 billion, reflecting a 17% year-over-year growth. The positive results have positioned Schwab as a potential top gainer in the S&P 500 following the earnings report.