Charles Schwab Corp.
SCHW,
shares rose 4.7% in premarket trades Monday after the brokerage firm said its second-quarter profit rose by 42% to a record and its adjusted profit and revenue beat Wall Street estimates. The Westlake, Texas-based company said its earnings for the three months ended June 30 jumped to $1.79 billion, or 87 cents a share, from $1.27 billion, or 59 cents a share, in the year-ago quarter. Adjusted net income rose to 97 cents a share from 70 cents a share. Revenue rose 13% to $5.09 billion. Wall Street analysts were looking for earnings of 91 cents a share on revenue of $5.04 billion, according to a FactSet survey. Shares of Schwab are down 26.1% in 2022, compared to a loss of about 19% by the S&P 500
SPX,
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