"Charles Schwab Exceeds Revenue Estimates Despite Slumping Results"
Charles Schwab's first-quarter revenue surpassed expectations, driven by a surge in asset management fees and record-high client assets, despite a 15% decline in overall profit due to higher interest expenses. The company's total client assets reached a record $9.1 trillion, with asset management and administration fees increasing by 21%. However, net interest revenue fell 19% as the company paid higher interest on deposits and borrowings, impacted by rate hikes from the U.S. Federal Reserve.