Charles Schwab ( SCHW) said Tuesday that second-quarter earnings rose 35% from a year ago but missed analyst earnings estimates as market losses cut into profits. In the quarter, the brokerage earned $251 million, or 19 cents a share, compared with $186 million, or 14 cents a share, in the second quarter last year. Analysts were expecting earnings of 20 cents a share. Revenue at the firm was $1.31 billion, slightly above analyst estimates of $1.29 billion. Client assets were 15.5% higher than the same period last year, but client assets fell slightly compared with the first quarter as the a broad market decline shrank portfolios. The firm had $1.278 trillion in client assets in the quarter, compared with $1.105 trillion in the second quarter last year and $1.281 in the first quarter. The decline represented a net loss of $3.4 billion its client accounts during the quarter, as a $21.6 billion gain in new client assets was negated by a $25 billion loss due to depreciation. "During the second quarter, economic news was mixed, and the broad market indices declined," said Charles Schwab. "Throughout this more challenging environment, we remained intent on listening to our clients and responding to their needs." Average revenue per trade at the firm was $13.47, compared with $16.28 in the same quarter last year and $13.39 in the previous quarter.