Shares of Charles Schwab (SCHW) declined Wednesday as markets tanked and the giant brokerage and financial services firm fell short of analysts' quarterly earnings expectations.
Charles Schwab's stock dropped 6.7% to $33.79 after the San Francisco company reported first-quarter earnings of 58 cents a share.
That's down from the 69 cents a share Charles Schwab earned in the year-earlier quarter and short of the 64-cent estimate of analysts surveyed by Zacks Investment Research.
Overall, net income for the first quarter plunged 18% to $795 million, down from $964 million a year earlier.
Charles Schwab reported revenue fell to $2.62 billion from $2.72 billion in the year-earlier quarter. The latest figure compares with the analyst estimate of $2.61 billion.
Charles Schwab attributed 2 cents a share of the earnings decline on measures taken to help employees amid the coronavirus crisis.
The company paid all non-officer employees $1,000 each to deal with expenses related to the coronavirus, for a total of $27 million.
Charles Schwab also posted 609,000 new account openings during the quarter, for a total of $73.2 billion in "core net new assets."
The volatile market over the first three months of 2020 also saw a big jump in trading, with records for trading activity reached every day in March, the company said.