Charles Schwab Q3 Earnings Beat Estimates, Shares Surge 7.8%

Oct 15, 2024, 11:34 AM

Charles Schwab Corp reported its Q3 2024 earnings, surpassing analyst expectations. The company achieved an adjusted EPS of $0.77, exceeding the estimated $0.75. Net revenue was reported at $4.85 billion, higher than the forecasted $4.78 billion. Net income for the third quarter totaled $1.4 billion, or $0.71 diluted earnings per common share. Excluding $153 million of pre-tax transaction-related costs, adjusted net income and diluted common earnings per share equaled $1.5 billion and $0.77, respectively. The firm also reported net interest revenue of $2.22 billion, beating the estimate of $2.2 billion. Total net new assets amounted to $90.8 billion, while total client assets reached $9.92 trillion, up 27% year-over-year. Bank deposits were reported at $246.5 billion, and daily average trades were 5.70 million. The company's market cap is $124.34 billion. Additionally, Charles Schwab's shares rose significantly in premarket trading, up 7.8%.