Schwab’s performance came in above expectations as it had previously planned to launch a prediction market product, with retail trading volume hitting an all-time high

PANews July 21 — According to Bloomberg, Charles Schwab released second-quarter results that beat market expectations, driven by geopolitical uncertainty as retail high-frequency buying and selling increased trading volume. In the quarter, the daily average revenue-generating trades hit a record high of 11.9 million, up 57% year over year; trading revenue rose 28% year over year to $1.2 billion. Quarterly net revenue was $7.07 billion, up 21%, above analysts’ expected $6.92 billion. Schwab previously raised its full-year revenue growth forecast to 14%–15% and said it would use artificial intelligence to improve services for retail investors, while continuing to attract cash inflows; net new assets for the quarter totaled $118.7 billion, exceeding market expectations. The company also plans to launch a prediction market product tied to financial events.