Charles Schwab Corp. 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.
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%.
(END) Dow Jones Newswires
January 17, 2018 15:38 ET (20:38 GMT)