$Charles Schwab (SCHW.US)$ shares are up almost 7% higher after the company reported third-quarter results this morning.
Revenue rose 5% to $4.85 billion, beating the consensus of $4.78 billion. Net interest revenue declined 1% year over year to $2.222 billion in the third quarter. Clients' daily average trades totaled 5.697 million, up 9% year over year and adjusted EPS was stable year over year at $0.77, beating the $0.75 consensus.
Walt Bettinger, Co-Chairman and CEO, said, "Record YTD flows into Schwab Wealth Advisory helped Managed Investing net flows reach $40 billion – an increase of 65% versus 2023 year-to-date. Converted Retail Ameritrade client interest in wealth solutions remains robust, accounting for approximately 35% of these flows."
This month, Bettinger announced that he will retire at the end of 2024. Rick Wurster, the current president, will succeed him starting Jan. 1, 2025.
