UPDATE 1-Charles Schwab Q1 profit down 7 pct on higher costs, fewer trades

April 15, 2015 3:58 PM

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NEW YORK, April 15 (Reuters) - Charles Schwab Corp said on Wednesday that its first-quarter net income fell 7 percent to $302 million on slower client trading activity and higher spending focused in part on the discount brokerage's new robo-adviser offering.

Though revenue was up 3 percent from a year earlier to $1.53 billion, it fell 2 percent from the fourth quarter of 2014 and missed the consensus analyst estimate of $1.54 billion, as compiled by Thomson Reuters I/B/E/S.

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