SAN FRANCISCO — The Charles Schwab Corp. (SCHW) on Monday reported third-quarter profit of $503 million.
The company, based in San Francisco, said it had earnings of 35 cents per share. Earnings, adjusted for non-recurring gains, came to 34 cents per share.
The results topped Wall Street expectations. The average estimate of 12 analysts surveyed by Zacks Investment Research was for earnings of 33 cents per share.
The financial services firm posted revenue of $1.91 billion in the period, also topping Street forecasts. Eight analysts surveyed by Zacks expected $1.88 billion.
Schwab shares have decreased roughly 3 percent since the beginning of the year, while the Standard & Poor’s 500 index has risen slightly more than 4 percent. The stock has risen 12 percent in the last 12 months.
Keywords: Schwab, Earnings Report