Charles Schwab Profit Surges In 1st Quarter

View Comments
(CBS)

(CBS)

SAN FRANCISCO (CBS/AP) — Discount broker Charles Schwab Corp. reported its first-quarter profit surged as the economy and stock markets improved.

The San Francisco company said its net income rose to $243 million, or 20 cents a share, in the three months ended March 31, from $6 million, or less than a penny a share, in the year-ago period.

The 2010 quarter included a $126 million reserve for class action lawsuits.  Revenue climbed 23 percent to $1.21 billion from $978 million.

On average, analysts polled by FactSet expected earnings of 19 cents per share on $1.18 billion in revenue.

Company shares rose 18 cents, or 1 percent, to $18.40 in morning trading.

(Copyright 2011 by CBSSan Francisco. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. Wire services may have contributed to this report.)

View Comments
blog comments powered by Disqus
Follow

Get every new post delivered to your Inbox.

Join 55,764 other followers