Analysts polled by Thomson Reuters had forecast earnings of 11 cents on $982 million in revenue.
Shares of Schwab fell 12 cents to $19.23 in recent trading. The stock has climbed about 6.5% over the past year.
With a rise in the equity markets, Schwab's total client assets rose to $1.49 trillion, as the company added $23 billion in net new assets in the quarter. That figure, however, is down 8% from a year ago.
Overall trading revenue fell by 19% from a year ago. Trading fell from the high levels of early 2009 when volatility was high and the market reached its March lows. Daily average revenue trades, or DARTs, fell by 9% from a year ago to 275,700, but was up 4% from the fourth quarter.
Martinetto declined to offer a forecast on trading volumes, but noted that the first quarter of 2009 was a "very active trading quarter."
Net new accounts for the quarter totaled 52,000, up 20% from a year earlier. Total accounts were 5.4 million as of March 31, up 3%.
Schwab took an $11 million pretax charge in the quarter related to pending litigation involving the Schwab YieldPlus Fund, an ultra-short bond fund. The fund was hit with class-action lawsuits as returns sunk deep into negative double-digits due to its basket of mortgage-backed securities.
The $11 million figure relates to a summary judgement ruling of liability in respect to plaintiffs' California state law claim. The company is also facing a May 10 trial related to federal securities law claims and has been in discussions with the U.S. Securities and Exchange Commission over a potential settlement of civil charges relating to the bond fund.
Martinetto declined to comment further on the issue.
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