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Charles Schwab Corp.’s stock
SCHW,
was up by 0.4% in premarket trading on Wednesday after the broker’s fourth-quarter profit topped analyst estimates, although its revenue fell slightly short. Schwab’s fourth quarter profit dropped by about half to $1.05 billion, or 51 cents a share, from $1.97 billion, or 97 cents a share, in the year-ago quarter. Adjusted fourth-quarter profit of 68 cents a share beat the FactSet consensus estimate of 64 cents a share. Revenue dropped by 19% to $4.46 billion from just under $5.5 billion, but missed the analyst estimate of $4.49 billion. The company said its December core net new assets exceeded $40 billion for an annualized growth rate of 6%.
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