Schwab stock drops after company falls short of adj. earnings and revenue mark

Charles Schwab Corp.
SCHW,
+0.61%
stock fell 2% in premarket trades Wednesday after the brokerage company fell short of Wall Street’s targets for adjusted earnings and revenue. Schwab said its fourth-quarter net income rose 25% to $1.97 billion, or 97 cents a share, from $1.58 billion, or 76 cents a share in the year-ago quarter. Schwab’s adjusted earnings in the latest quarter totaled $1.07 a share, short of the forecast of $1.09 a share by analysts surveyed by FactSet. Schwab’s fourth-quarter revenue rose 17% to just under $5.5 billion, below the Wall Street target of $5.55 billion.