By Will Feuer

Charles Schwab Corp. said profit and revenue declined in the latest quarter, missing Wall Street's estimates, as client activity slowed down.

The financial-services company said first-quarter net income fell to $1.4 billion from $1.48 billion in the same period last year. Per-share earnings were 67 cents, down from 73 cents a year earlier.

Stripping out one-time items, Schwab's adjusted earnings were 77 cents a share. Analysts forecast adjusted earnings of 84 cents a share.

Net revenue fell to $4.67 billion from $4.72 billion in the year-ago quarter. Analysts were expecting $4.83 billion in revenue, according to FactSet.

Total net new assets were $120.5 billion, compared with $133.8 billion a year earlier.

"Total revenues of $4.7 billion were just under the record level set in the year-ago quarter amidst that extraordinary surge in client activity, with increases in net interest revenue and asset management and administration fees essentially offsetting the effects of trading activity returning to more moderate levels," Chief Financial Officer Peter Crawford said.

Write to Will Feuer at Will.Feuer@wsj.com

(END) Dow Jones Newswires

April 18, 2022 09:15 ET (13:15 GMT)

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