Charles Schwab reported second-quarter earnings Tuesday that were a penny shy of Wall Street's expectations, but chief financial officer Christopher V. Dodds said "the company is functioning as strongly [as] or stronger than we ever have in our history."

The San Francisco brokerage said it earned 19 cents per share, up from 14 cents a year earlier. Net revenue of $1.31 billion was up 21%, and net income of $251 million rose 35% from a year earlier.

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