Markets

Discover Financial Services Shares Drop 3% on Q3 EPS Miss, While Revenues Beat Estimates By Investing.com


© Stocksak. Discover Financial Services Shares Drop 3% on Q3 EPS Miss, While Revenues Beat Estimates

By Davit Kirakosyan

Discover Financial Services (NYSE:) shares fell more than 3% after-hours following the company’s reported , with EPS of $3.54 coming in worse than the consensus estimate of $3.73. Revenue net of interest expense increased 25% year-overyear to $3.48 Billion, beating the consensus estimate at $3.37 Billion.

Pretax income from Digital Banking was $1.3 billion, $251 Million lower year-over–year. This is due to a higher provision of credit losses and higher operating costs, partially offset by higher revenue net interest expense. Pretax income from Payment Services was $53 million, an increase of $167 million over the previous year.

Roger Hochschild, CEO/President of the company, stated, “Our outstanding third quarter results were characterised by robust loan growth, net interest margin and strong credit metrics.”

Furthermore, the company’s Board of Directors declared a quarterly cash dividend of $0.60 per share of common stock, payable on December 8 to holders of record at the close of business on November 23.

News Source and Credit

Stocksak Editorial

We are a financial blog that covers topics such as investing, saving, spending, and earning more money. Please feel free to peruse our site and read any of the articles that catch your interest.

Related Articles

Leave a Reply

Your email address will not be published.

Back to top button