Charles Schwab (SCHW) Q1 revenue down 1%; earnings miss estimates

Financial services company The Charles Schwab Corporation (NYSE: SCHW) on Monday reported lower earnings and revenues for the first quarter of 2022. The numbers also missed Wall Street’s forecast.

Total revenues decreased 1% year-over-year to $4.67 billion in the first three months of fiscal 2022. The number also missed Wall Street’s estimates.

Net profit, on an adjusted basis, dropped to $0.77 per share during the quarter from $0.84 per share in the same period of last year and missed the consensus forecast. Unadjusted net income was $1.28 billion or $0.67 per share, compared to $1.48 billion or $0.73 per share last year.

Check this space to read management/analysts’ comments on Charles Schwab’s Q1 2022 results

Charles Schwab’s stock has gained about 28% in the past twelve months. It declined on Monday morning following the earnings release, after closing the last session Lower.