Schwab posts 2Q profit, results beat Wall Street forecasts

MarketsAssociated Press

The Charles Schwab Corp. (SCHW) on Thursday reported second-quarter earnings of $353 million.

The bank, based in San Francisco, said it had earnings of 25 cents per share.

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The results exceeded Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of 24 cents per share.

The financial services firm posted revenue of $1.57 billion in the period, also surpassing Street forecasts. Seven analysts surveyed by Zacks expected $1.55 billion.

Schwab shares have risen 11 percent since the beginning of the year, while the Standard & Poor's 500 index has risen slightly more than 2 percent. The stock has risen 23 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on SCHW at http://www.zacks.com/ap/SCHW

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Keywords: Schwab, Earnings Report