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Schwab’s wealth management performance exceeded expectations as it had planned to launch a prediction market product, while retail trading volume hit a new high

MeNews
ME News, July 21 (UTC+8): Charles Schwab announced second-quarter earnings that beat market expectations. Driven by geopolitical uncertainty, frequent trading by retail investors pushed trading volume higher. In the quarter, the daily average revenue-generating transaction volume hit a record 11.9 million transactions, 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%, exceeding analysts’ expectations of $6.92 billion. Schwab previously raised its full-year revenue growth forecast to 14%--15% and said it will use artificial intelligence to improve services for retail clients, while continuing to attract inflows of funds. Net new assets for the quarter totaled $118.7 billion, above market expectations. The company also plans to launch prediction market products linked to financial events. (Source: PANews)
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