Shares of Charles Schwab (SCHW) - Get Report were higher Tuesday as the San Francisco asset manager and discount broker reported second-quarter earnings and revenue that exceeded analysts' expectations.
Net income climbed 8.2% to $937 million, or 66 cents a share, from $866 million, or 60 cents, in the year-earlier period, compared to analyst expectations of 65 cents a share, according to FactSet. Revenue advanced 7.8% to $2.68 billion, slightly ahead of analyst estimates of $2.67 billion.
Schwab shares finished 3.3% higher at $41.63 on Tuesday.
Clients opened nearly 400,000 new brokerage accounts during the second quarter, bringing total active accounts to 12 million at quarter end, up 7% from a year earlier, Schwab reported.
Total client assets were $3.7 trillion at June 30, up 9% from a year earlier, Schwab said.