Shares of Charles Schwab plunged nearly 11% after posting Q1 adjusted EPS of $0.77 per share compared to $0.84 the prior year, according to a news release by Schwab on Monday.

  • Net profit fell to $1.40 billion or $0.67 per share compared to a profit of $1.48 billion or 0.7 per share.
  • Net revenues in Q1 dropped to $4.67 billion from $4.72 billion a year earlier. Analysts had expected $4.83 billion in revenue.
  • During the quarter, certain acquisition and integration-related costs and the amortization of acquired intangibles rose to $96M and $154M, accordingly.
  • Walt Bettinger, CEO of Charles Schwab, stated the business momentum remained solid throughout the first quarter.

Bettinger further noted that ongoing client engagement was reflected in trading activity that increased by 6.5 million a day, a level exceeded only by the reopening surge in the first quarter of last year. SCHW down -11.27%, BAC up +2.29%