Charles Schwab & Co., Inc. (SCHW) reported third-quarter earnings per share (EPS) of $0.77, beating analyst expectations of $0.75. However, revenue for the quarter came in at $4.61 billion, falling short of consensus estimates of $4.65 billion.

Strong client trading activity and net interest income drove the company’s earnings beat. Client trading activity increased by 10% year-over-year, while net interest income increased by 24% year-over-year.

However, Schwab’s revenue fell short of expectations due to a decline in asset management fees. Asset management fees fell by 3% year-over-year, reflecting lower market valuations and a shift in client mix towards lower-fee products.

Overall, Schwab’s third-quarter results were mixed. The company beat earnings expectations, but revenue fell short. The earnings beat was driven by strong client trading activity and net interest income, while the revenue shortfall was due to a decline in asset management fees.