Charles Schwab Slips 9% As Q1 Profit Declines

Shares of Charles Schwab Corporation (SCHW) are slipping over 9% on Monday morning after the company's first-quarter profit dropped and also missed Wall Street estimates.

SCHW is currently trading at $75.03, down $7.72 or 9.33%, on the NYSE.

First-quarter profit dropped to $1.40 billion or $0.67 per share from $1.48 billion or $0.73 per share.

Adjusted earnings were $0.77 per share, down from $0.84 per share last year. On average, 15 analysts polled by Thomson Reuters expected earnings of $0.84 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues for the quarter declined to $4.67 billion from $4.72 billion prior year. Analysts had a consensus revenue estimate of $4.83 billion for the quarter.

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