Charles Schwab (NYSE: SCHW) shares rose over 7% in premarket trading after the firm reported better-than-expected Q3 earnings. Adjusted earnings per share (EPS) reached $0.77, surpassing analysts’ forecast of $0.75. Revenue for the quarter totaled $4.85 billion, exceeding the consensus estimate of $4.77 billion.
The company saw strong growth in assets, with total client assets rising 27% year-over-year to a record $9.92 trillion, beating estimates of $9.75 trillion. Net new assets were $90.8 billion for the quarter. CEO Walt Bettinger highlighted the firm’s momentum, following the successful completion of the Ameritrade integration earlier this year.
