Originally published at www.seclive.com
The Charles Schwab Corporation (NYSE:SCHW) announced its first quarter financial results for the 2014 fiscal year, posting a 58% jump in profit. The online brokerage firm posted revenue of $1.48B, a 15% increase from a year-ago, fueled by asset management fees and increased trading revenue. Schwab experienced the highest average daily trading volumes in its history during the quarter, with an average of more than 550,000 trades executed per day. Trading revenue increased 11% from a year-ago while asset management and administration fees increased 11% to $611M. Earnings rose substantially by 58% from $206M and $0.15 per share to $326M and $0.24 per share. The company topped analyst predictions of $1.47B revenue and $0.22 per share, helping drive its share price upward in pre-market trading.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.