Why Charles Schwab Shares Are Surging Today
Portfolio Pulse from Lekha Gupta
Charles Schwab Corp reported a Q2 net revenues decline of 9% Y/Y to $4.66 billion, beating the consensus of $4.61 billion. Asset management and administration fees increased 12% Y/Y to $1.17 billion, while trading revenue declined 9% Y/Y to $803 million. Adjusted net income fell 25% Y/Y to $1.49 billion in Q2. Adjusted EPS stood at $0.75, down 23% Y/Y, exceeding the consensus of $0.71. SCHW shares are trading higher by 8.4% at $63.56 premarket on the last check Tuesday.
July 18, 2023 | 1:28 pm
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Charles Schwab reported a decline in Q2 net revenues but beat consensus estimates. Despite a drop in trading revenue and adjusted net income, the stock is trading higher premarket.
Charles Schwab's Q2 earnings report showed a decline in net revenues and trading revenue, which could be seen as negative. However, the company beat consensus estimates, which is a positive signal to investors. This, combined with the increase in asset management fees, could be driving the premarket increase in the stock price.
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