UPDATE: Charles Schwab Posts Better-Than-Expected Q3 Revenue

The Charles Schwab

reported better-than-expected revenue for the third quarter. The San Francisco, California-based company posted a quarterly profit of $321 million, or $0.24 per share, versus a year-ago profit of $290 million, or $0.22 per share. Excluding non-recurring items, Charles Schwab earned $0.25 per share. Its revenue climbed 13% to $1.55 billion. However, analysts were expecting earnings of $0.24 per share on revenue of $1.5 billion. Net new assets during the third quarter were $34.7 billion. The company ended the quarter with $2.40 trillion in total client assets. CFO Joe Martinetto said, “Continued success with clients, diversified revenue sources, and sustained expense discipline kept Schwab's financial performance in line with our expectations for the third quarter given the environment. Asset management and administration fees and net interest revenue both showed double-digit percentage increases over the year-ago quarter and set new quarterly records, more than offsetting the effect of lower client revenue trades.” Charles Schwab shares fell 0.12% to $25.25 in pre-market trading.