Charles Schwab Rises On Better-than-expected Q2 Results

(RTTNews) - Shares of financial services company The Charles Schwab Corporation (SCHW) are rising more than 12% Tuesday morning after reporting second-quarter results above analysts' view.

Profit in the second quarter, on an adjusted basis, was $1.494 billion or $0.75 per share, that beat the average estimate of analysts polled by Thomson-Reuters of $0.71 per share.

Net profit declined to 1.294 billion or $0.64 per share from $1.793 billion or $0.87 per share last year.

Quarterly revenue decreased to $4.656 billion from $5.093 billion in the previous year, but beat the consensus estimate of $4.61 billion.

SCHW, currently at $65.11, has traded in the range of $45.00 - $86.63 in the last 1 year.