Charles Schwab (SCHW) shares soared Tuesday as ꩲthe financial services company reported better third-quarter results than analysts had expected, and also lifted its projections for full-year revenue.

The investment management firm reported $4.85 billion in total revenue, up about 5% from the same time last year and higher than analysts had expected, per estimates compiled by Visible Alpha. Profits were also higher than expected, and jumped 25% to $1.41 billion, while 澳洲幸运5官方开奖结果体彩网:net interest income (NII) fell by a few million to $2.22 billion, narrowly above estimates.

Revenue Outlook Raised

The company also lifted🔯 its revenue projection for the full year, calling for a 2% to 3% increase, up from previous estimates of flat to up 2%.

CFO Mike Verdeschi said in Tuesday's earnings call that the update was due to "a higher starting balance for transactional cash balances and reduced supplemental funding balances at the bank."

"We anticipate coming into 2025 with good momentum and expect it to further build in the year ahead," Verdeschi said, noting that the "usual considerations" of potential changes like macroeconomic factors and interest rates could impact Schwab's performance.

Stock Hits Highest Level Since July

Charles Sch🌄wab shares were up about 7% early Tuesday afternoon, trading at their highest level in three months. The stock is now back into positive territory for the year.

The stock plunged in mid-July following the firm's 澳洲幸运5官方开奖结果体彩网:second-quarter report, when CEO Walt Bettinger said it planned to reduce the size of its bank to improve profitability.