Charles Schwab (SCHW) reports lower earnings and revenues for Q2

Financial services company The Charles Schwab Corporation (NYSE: SCHW) on Tuesday reported a decrease in adjusted earnings and revenues for the second quarter of 2023.

Total revenues decreased 9% year-over-year to $4.66 billion in the second quarter. During the quarter, the company gathered $52 billion in core net new assets – bringing year-to-date asset gathering to over $180 billion.

Net profit, on an adjusted basis, declined to $0.75 per share in the three-month period from $0.97 per share in the comparable quarter of last year. Unadjusted net income was $1.17 billion or $0.64 per share, compared to $1.65 billion or $0.87 per share in the year-ago quarter.

“While we observed signs of typical tax seasonality, as well as softer investor sentiment at the beginning of the quarter, we still attracted nearly 1 million new brokerage accounts and finished the period serving $8.02 trillion in total client assets across 34 million accounts,” said Walt Bettinger, CEO of Charles Schwab.

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