Schwab 2Q Earnings are Flat but Beat Expectations

Schwab 2Q Earnings are Flat but Beat Expectations
San Francisco (AP) – Retail brokerage Charles Schwab Corp. Friday reported flat second quarter net income as waivers of customer money market fees amid low interest rates continued to crimp growth in revenues, but the results ticked higher in the first quarter and the company forecast continued improvement of the second half of the year.
Revenue was flat at $ 1,08 billion compared to $ 1.085 billion the prior year period, a discount broker trimmed its asset management fees the exchange-traded and money-market funds. Low interest rates have depressed the customer returns the bonds and other investments. But short-term interest rates rose a bit more in the first and second quarters, allowing the company to reduce the fee waivers its money market funds $ 113 million and helped asset management fees order, the first time in eight quarters.