Charles Schwab Misses Profit, Sales Expectations

Charles Schwab Corp. reported a first-quarter profit that declined to $302 million, or 22 cents a share, from $326 million, or 24 cents a share, in the same period a year ago. That missed the FactSet consensus for earnings per share of 24 cents. Revenue rose 3% to $1.53 billion, but was below the FactSet consensus of $1.54 billion, hurt by an 8% drop in trading revenue. Meanwhile, asset management and administration fees increased 5% and net interest revenue rose 6%. New retail brokerage accounts grew 9% to 6.7 million. The stock, which was unchanged in light premarket trade, has edged up 0.9% year to date while the S&P 500 has gained 1.8%.