Charles Schwab Q2 Profit Decreases, but beats estimates

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

The company's earnings totaled $1.173 billion, or $0.64 per share. This compares with $1.652 billion, or $0.87 per share, in last year's second quarter.

Excluding items, Charles Schwab reported adjusted earnings of $1.373 billion or $0.75 per share for the period.

Analysts on average had expected the company to earn $0.71 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter fell 8.6% to $4.656 billion from $5.093 billion last year.

Charles Schwab earnings at a glance (GAAP) :

-Earnings (Q2): $1.173 Bln. vs. $1.652 Bln. last year. -EPS (Q2): $0.64 vs. $0.87 last year. -Analyst Estimates: $0.71 -Revenue (Q2): $4.656 Bln vs. $5.093 Bln last year.