Charles Schwab Q3 Profit Decreases, but beats estimates

(RTTNews) - Charles Schwab (SCHW) released a profit for third quarter that decreased from last year but beat the Street estimates.

The company's bottom line came in at $1.02 billion, or $0.56 per share. This compares with $1.88 billion, or $0.99 per share, in last year's third quarter.

Excluding items, Charles Schwab reported adjusted earnings of $1.41 billion or $0.77 per share for the period.

Analysts on average had expected the company to earn $0.75 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter fell 16.2% to $4.61 billion from $5.50 billion last year.

Charles Schwab earnings at a glance (GAAP) :

-Earnings (Q3): $1.02 Bln. vs. $1.88 Bln. last year. -EPS (Q3): $0.56 vs. $0.99 last year. -Analyst Estimates: $0.75 -Revenue (Q3): $4.61 Bln vs. $5.50 Bln last year.