Financial services company The Charles Schwab Corporation (NYSE: SCHW) on Friday reported strong revenue and earnings growth for the third quarter. The numbers also beat Wall Street’s forecast.
Third-quarter revenues increased to $4.57 billion from $2.45 billion last year. Analysts were looking for slower growth.
Adjusted earnings rose to $0.84 per share in the most recent quarter from $0.51 per share in the same period of last year and came in above the consensus forecast. Net income, including one-off items, was $1.53 billion or $0.74 per share, compared to $698 million or $0.48 per share in the third quarter of 2020.
The company’s stock reached a record high this month, after gaining steadily for more than a year. It made strong gains on Friday morning following the earnings release, after closing the last session higher.
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