Shares of Charles Schwab Corp. climbed 1.1% toward another record in premarket trading Friday, after the discount broker reported third-quarter profit and revenue that rose above expectations, as continued bullish investor sentiment helped produce a five-fold increase in trading revenue. Net income rose to $1.53 billion, or 74 cents a share, from $698 million, or 48 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share of 84 cents beat the FactSet consensus of 81 cents. Revenue grew 86.7% to $4.57 billion, topping the FactSet consensus of $4.52 billion. Net interest revenue increased 51.2% to $2.03 billion, just shy of the FactSet consensus of $2.04 billion, while trading revenue soared 432.6% to $964 million to beat forecasts of $897.3 million. Total client assets as of Sept. 30 was $7.61 trillion, up from $6.69 trillion at the end of 2020. The stock, which closed at a record $78.11 on Thursday, has run up 47.3% year to date, while the S&P 500 has gained 16.8%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
