Charles Schwab‘s wealth management business had its ups and downs to start the year in a quarter of declining profits and missed targets.

The Westlake, Texas-based financial services company reported first-quarter net income of $1.4 billion on revenue of $4.7 billion, down from $1.6 billion recorded in the fourth quarter of 2021 and at $1.5 billion in the first quarter of 2021.

Adjusted earnings per share came in at 77 cents, below analysts’ estimate of 84 cents polled by Bloomberg, and net income of $4.7 billion was slightly below consensus estimates of $4.8 billion. of dollars.

The company also reported a slowdown in daily transaction volume, with customers making 6.58 million average daily transactions in the first quarter, down 22% from the year-ago period.

“Our first quarter 2022 financial results reflected our continued success with customers while dealing with the effects of a challenging environment,” said Peter Crawford, Chief Financial Officer. indicated in the statements of quarterly results. “Total revenue of $4.7 billion was just below the record high set in the quarter last year amid this extraordinary increase in client activity, with increases in interest income net assets and asset management and administration fees essentially offsetting the effects of trading activity returning to more subdued levels.”