Earnings Double For Schwab

Sat., July 17, 1999

Charles Schwab Corp., the largest U.S. online broker, said Friday its earnings doubled in the second quarter, amid booming trading volumes in April.

The San Francisco-based Schwab said it earned $151 million, or 18 cents a share in the second quarter, up from $76.3 million, or 9 cents a share, a year earlier. Revenue jumped 54 percent to $982.1 million.

The results surpassed the average estimate of 17 cents per share among analysts surveyed by First Call Corp., which tracks company earnings. Schwab shares, which have risen by more than 28 percent over the past month as investors have anticipated a good second-quarter earnings report, fell $2.5625, or 4.74 percent, to $52.75 in morning trading today.

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Earnings Double For Schwab

Jesse Tinsley

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