Charles Schwab Ascends 3% As Earnings Beat Estimates

(RTTNews) - Shares of The Charles Schwab Corporation (SCHW) are rising more than 3 percent Monday morning after reporting better-than-expected first-quarter results.

Excluding one-time items, Charles Schwab reported adjusted earnings of $1.36 billion or $0.74 per share for the first quarter, that beat the average estimate of analysts polled by Thomson-Reuters of $0.73 per share.

Net profit for the first quarter was however, down to $1.25 billion, or $0.68 per share from $1.53 billion, or $0.83 per share, in last year's first quarter.

Revenue for the quarter also fell 7.4 percent to $4.74 billion from $5.12 billion last year, but beat the consensus estimate of $4.71 billion.

SCHW, currently at $72.51, has traded in the range of $45.65 - $73.65 in the last 1 year.