Wealthfront reported quarterly earnings on Wednesday that beat Wall Street expectations. The wealth management company posted earnings per share of 10 cents for its fiscal second quarter ending July 31 and up. Wall Street analysts expected earnings per share of 8 cents, according to estimates compiled by FactSet. For the same period a year ago, Wealthfront had earnings per share of 24 cents.

Revenue came in at $91.9 million. Wall Street analysts had anticipated revenue of $91.5 million. For the same period a year ago, Wealthfront had revenue of $91.1 million.

The company went public late last year. Shares of Wealthfront have struggled this year, falling 30%. The benchmark S&P 500 index is up 12% and the Vanguard Financials ETF, which tracks a basket of financial stocks, is up 4.3%. After posting earnings, it fell 0.5%.

Wealthfront also said on Tuesday that its platform assets topped $100 billion as of the end of August for the first time, a sign that the Palo Alto, Calif.-based company is continuing to attract new clients and win more business from existing clients. Wealthfront says it is attracting young professionals to its offerings. Its clients have an average age of 35 and an average balance of $70,000 across savings and investments as of Aug. 6. Wealthfront says 45% of new clients are Gen Z.

Founded in 2008, Wealthfront is one of the pioneers of the robo-advisor sector, offering clients low-cost, professionally managed portfolios. But it's the company's high-yield cash savings that is the biggest revenue generator, representing about 70% of revenue. Wealthfront has recently expanded into mortgages in an effort to diversify its business mix. The company says Wealthfront Home Lending is available in Colorado, Texas, and California, and it plans to expand the offering to Washington, Florida, Illinois, and Oregon in the coming months.

The company's earnings report showed that investment advisory assets were $54.1 billion, up 30% year over year, and cash management assets were $44.9 billion, down 4% year over year. The number of funded clients reached 1.51 million, a 14% increase from the same period a year ago.