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Charles Schwab (NYSE:SCHW) stock is on the rise after the company beat Wall Street expectations for Q4 2024 earnings and revenue.
Adjusted earnings per share came in at $1.01, surpassing the estimated $0.91 and marking a 49% increase from last year's $0.68 per share. Revenue reached $5.33 billion, exceeding forecasts of $5.2 billion, reflecting 20% year-over-year growth. Key drivers included a 19% rise in total client assets, a 20% increase in core net new assets, and a 23% jump in new brokerage account openings.
Trading activity also climbed 11%. CEO Rick Wurster emphasized Schwab's continued asset growth, with $115 billion in core net new assets added in Q4, bringing 2024's total to $367 billion, a 4.3% annualized growth rate. He credited ongoing progress in integrating Ameritrade for the company's momentum.
SCHW closed at $76.41 on January 17, gaining 1.19%. Pre-market trading as of 08:43:51 AM ET shows the stock at $79.47, up 4%
This article first appeared on GuruFocus.