The Charles Schwab Corporation (NYSE: SCHW) reported its financial results for the quarter ended March 31, 2020 today.
Charles Schwab reported an 18% drop in earnings for the first quarter of 2020 as the pressure across the yield curve accelerating late in the quarter hurt the net interest revenue by 6%. The results included acquisition-related expenses as well as expenses related to certain actions taken in response to the COVID-19 pandemic.
Trading revenue was 13% lower than last year due to its October 2019 pricing actions, partially offset by the dramatic increase in transactions. The company expects to remain on offense, driving long-term value by protecting its business momentum, as well as thoughtfully managing the investments in its business necessary to sustain and enhance the all-weather model.
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The COVID-19 pandemic raged through the first half of this year and continues to impact the world without signs of abating. Amid this health crisis, several companies reported strong results