Charles Schwab Corp. (SCHW) reported quarterly earnings for its fourth quarter and 2017 fiscal year Wednesday. Here's what you need to know:
PROFIT: Charles Schwab reported net income of $597 million, or 41 cents a share, up from $522 million, or 36 cents a share. Analysts had expected 41 cents a share in earnings.
REVENUE: Revenue rose 14% to $2.24 billion, above the $2.23 billion analysts polled by Thomson Reuters had expected.
NEW ACCOUNTS: In 2017, Charles Schwab said households new to Schwab's Retail business rose 49% versus the prior year with 54% of these households being 40 or younger.
TAX HIT: A one-time charge of about $46 million related to the recent tax law hurt earnings per share by 3 cents.
STOCK MOVES: Shares fell 1.1% to $54.90 in morning trading. Shares have risen 38% in the last 12 months through Tuesday close.
PRICE CUT: Charles Schwab last February cut equity and options trade commissions. As a result, trading revenue fell 24% to $154 million even as client daily average trades rose 10%. The average revenue per revenue trade fell 34%.
Write to Austen Hufford at Austen.Hufford@wsj.com
(END) Dow Jones Newswires
January 17, 2018 10:05 ET (15:05 GMT)