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- Charles Schwab reported its financial results for the fourth quarter today.
- Here's what its CEO Walter W. Bettinger II said in a press release on Wednesday.
- Charles Schwab stock is currently down about 10% versus its recent high.
Charles Schwab Corporation (NYSE: SCHW) is trending slightly down in premarket on Wednesday after reporting weaker-than-expected revenue for its fiscal fourth quarter.
Here’s what CEO Bettinger said today
On the plus side, the multinational ended its financial year with a record $8.5 trillion worth of total client assets – a 21% increase versus last year.
2023 marked the fifth consecutive year for Charles Schwab to see its pre-tax margin on an adjusted basis above 40%. Walt Bettinger – its chief executive said in a press release today:
Through shifting views on trajectory of U.S. economy, persistent geopolitical unrest, and temporary disruption within regional banking sector, our “no trade-offs” value proposition continued to resonate with investors.
Wall Street currently has a consensus “overweight” rating on $SCHW that’s down nearly 10% versus its recent high at writing.
Charles Schwab Q4 earning snapshot
- Net income printed at $1.0 billion versus the year-ago $2.0 billion
- Per-share earnings also declined from 51 cents to 97 cents
- Adjusted EPS came in at 68 cents as per the press release
- Revenue tanked 19% on a year-over-year basis to $4.45 billion
- The consensus was of 49 cents of EPS on $4.49 billion in revenue
Other notable figures in the earnings report include an 11% decline in the balance sheet to billion. But CEO Bettinger added on Wednesday:
The primary objective coming into 2023 was a successful Ameritrade conversion. By the end of the year, we had transitioned approximately 90% of client assets and accounts with no significant disruptions.
TD Ameritrade switched over to Charles Schwab and so far I'm not impressed in the slightest
— Gannon Breslin (@gannonbreslin) January 16, 2024
Does anyone else hate Schwab's dashboard?
It feels incredibly archaic and does not optimize whatsoever to be able to get in and out of trades
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