Financial services company The Charles Schwab Corporation (NYSE: SCHW) on Monday reported higher earnings and revenues for the second quarter of 2022. The top line slightly exceeded Wall Street’s forecast.
Total revenues increased 13% year-over-year to $5.09 billion in the second quarter of fiscal 2022. The number also came in slightly above Wall Street’s estimates.
Net profit, on an adjusted basis, moved up to $0.97 per share during the three-month period from $0.70 per share in the comparable quarter of last year. Unadjusted net income was $1.79 billion or $0.87 per share, compared to $1.27 billion or $0.59 per share in the year-ago quarter.
“Throughout the first half of 2022, we’ve kept our focus on serving clients and they’ve rewarded us with sustained strength in business momentum and growth. Clients remained engaged during the second quarter even as pressures mounted on the U.S. economy, including rising inflation and the Fed’s corresponding shift to an aggressive tightening stance, ongoing geopolitical turmoil driven by the war in Ukraine, and more-volatile equity markets that are now in bear-market territory,” said Walt Bettinger, CEO of Charles Schwab.
Check this space to read management/analysts’ comments on Charles Schwab’s Q2 2022 results
Charles Schwab’s stock has lost about 10% in the past twelve months. It gained on Monday morning following the earnings release, after closing the last session higher.