Shares of Charles Schwab Corp. SCHW, +2.95% lost 0.8% in premarket trading Thursday, after the discount broker reported fourth-quarter profit that fell below expectations. Net income fell to $852 million, or 62 cents a share, from $935 million, or 65 cents a share, in the year-ago period. The results include an expense related to pending acquisitions of 1 cent per share. The FactSet consensus for earnings per share was 64 cents. Revenue fell 2% to $2.61 billion, matching the FactSet consensus, as net interest revenue declined 1.9% to $1.60 billion. Asset management and administration fees revenue rose 12% to $845 million, just shy of the FactSet consensus of $846 million, while trading revenue dropped 58% to $86 million but beat expectations of $78 million. Schwab caused a stir in the discount broker industry during the fourth quarter, when it dropped commissions on U.S. stocks, ETF and options, then announced a deal to buy rival TD Ameritrade Holding Corp. AMTD, +3.09% in a $26 billion deal. Schwab's stock has soared 20.8% over the past three months through Wednesday, while the SPDR Financial Select Sector ETF SCHW, +2.95% has gained 9.5% and the Dow Jones Industrial Average DJIA, +0.58% has advanced 7.5%.
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January 16, 2020 at 08:58PM
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Charles Schwab's stock slips after profit miss, revenue declines in line with expectations - MarketWatch
"profit" - Google News
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