Charles Schwab reports weaker-than-expected Q4 revenue

Charles Schwab Corporation (NYSE: SCHW) is trending slightly down in premarket on Wednesday after reporting weaker-than-expected revenue for its fiscal fourth quarter.

Here's what CEO Bettinger said today

On the plus side, the multinational ended its financial year with a record $8.5 trillion worth of total client assets - a 21% increase versus last year.

2023 marked the fifth consecutive year for Charles Schwab to see its pre-tax margin on an adjusted basis above 40%. Walt Bettinger – its chief executive said in a press release today:

Wall Street currently has a consensus “overweight” rating on $SCHW that’s down nearly 10% versus its recent high at writing.

Charles Schwab Q4 earning snapshot

• Net income printed at $1.0 billion versus the year-ago $2.0 billion
• Per-share earnings also declined from 51 cents to 97 cents
• Adjusted EPS came in at 68 cents as per the press release
• Revenue tanked 19% on a year-over-year basis to $4.45 billion
• Consensus was of 49 cents of EPS on $4.49 billion in revenue

Other notable figures in the earnings report include an 11% decline in balance sheet to billion. But CEO Bettinger added on Wednesday: