Charles Schwab Profit Surges In 1st Quarter

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 This material may not be published, broadcast, rewritten, or redistributed.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.)

Comments

More From CBS San Francisco

Super Bowl 50
Get Your Tickets To CBS Radio's The Night Before Now!Follow along as two of the biggest names in rock join forces #TheNightBefore the big game!

Listen Live