US Stock Market Alert: Charles Schwab drops 13% pre-market as Q3 revenue growth slows to the lowest rate in 2024, plans to lay off 17% globally

Glonghui, May 21｜The tax and financial software manufacturer saw its share price plummet 13.43% to $332.35 before the market opened. According to reports, the company released its third quarter report, with revenue during the period reaching $8.56 billion and adjusted earnings per share at $12.8. Previously, analysts had expected revenue of $8.61 billion and earnings per share of $12.57. It is reported that the company’s third-quarter revenue increased by 10% year-on-year, marking the slowest growth rate since 2024.In addition, the company plans to cut approximately 17% of its global workforce. An internal memo shows that around 3,000 employees across seven countries will be affected by this round of layoffs. CEO Sasan Goodarzi stated that the layoffs are intended to reduce operational complexity, streamline business processes, and refocus resources on the company’s artificial intelligence strategy. As of July 31, 2025, the company will have about 18,200 employees.