The leading online broker (SCH) said it expects to report profits of $130 million to $140 million, or 31 cents to 34 cents a share, on revenue of $910 million to $940 million. Analysts surveyed by First Call had estimated the broker would post first-quarter income of 26 cents a share.
Net income for the first quarter of 1998 was $68 million, or 16 cents per share, on revenue of $604 million.
Schwab shares jumped 2 to 86 early Monday.
Schwab also said trading volumes had slowed in February over January and that assets under management were down in February as well.
Schwab said that average daily trading volumes were down 18 percent from January at 151,000 a day, but up 69 percent from February last year. Net new assets totaled $9.4 billion in February. Total assets were down two percent from January at $511.4 billion.
"Customer trading activity to date in March is comparable to February's pace, and customer assets at Schwab have rebounded after dipping slightly in February," said Co-CEO David S. Pottruck in a release.
Written By Emily Church, CBS MarketWatch