Shares of American multinational financial services company, Charles Schwab (NYSE: SCHW), were down 9.5% on April 18 to close at $74.94, after it reported weaker-than-expected Q1 results. SCHW missed both earnings and revenue estimates for the second consecutive quarter. The miss is attributed to the recent weakness in the equity market and the volatility negatively impacting margin loan balances, securities lending activity, and client asset valuations. Q1 Miss Adjusted earnings of $0.77 per share fell seven cents short of analysts’ expectations of $0.84 per share. The company reported earnings of $0.84 per share for the prior-year period. Revenues declined 1% year-over-year to $4.67 billion and also lagged consensus estimates of $4.
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