Charles Schwab Reports $31.1B Core Net New Assets In May; Total Client Assets Reach $9.21T; Expects Q2 Revenue To Decrease 1%-2% With 40% Adjusted Pre-Tax Profit Margin
Portfolio Pulse from Benzinga Newsdesk
Charles Schwab reported $31.1 billion in core net new assets for May, with total client assets reaching $9.21 trillion. The company expects Q2 revenue to decrease by 1%-2% but anticipates a 40% adjusted pre-tax profit margin.
June 14, 2024 | 12:48 pm
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Charles Schwab reported strong asset growth with $31.1 billion in core net new assets for May and total client assets reaching $9.21 trillion. However, the company expects a slight decrease in Q2 revenue by 1%-2%, while maintaining a robust 40% adjusted pre-tax profit margin.
The strong asset growth and high total client assets are positive indicators for Charles Schwab. Although a slight decrease in Q2 revenue is expected, the company’s ability to maintain a 40% adjusted pre-tax profit margin suggests strong operational efficiency and profitability, likely leading to a positive short-term impact on the stock price.
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