UPDATE: Charles Schwab Posts Downbeat Q1 Profit

Charles Schwab

reported a rise in its first-quarter net income. Charles Schwab's quarterly profit surged to $206 million, or $0.15 per share, versus $195 million, or $0.15 per share, in the year-ago period. Its quarterly revenue climbed 8% to $1.29 billion. However, analysts were expecting earnings of $0.16 per share on revenue of $1.27 billion. Its pre-tax profit margin narrowed to 25.7% from 26.3%. Charles Schwab shares closed at $17.28 on Friday.