RIVERWOODS, Ill. (AP) _ Discover Financial Services (DFS) on Wednesday reported a first-quarter loss of $61 million, after reporting a profit in the same period a year earlier.
On a per-share basis, the Riverwoods, Illinois-based company said it had a loss of 25 cents.
The results did not meet Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $1.36 per share.
The credit card issuer and lender posted revenue of $3.47 billion in the period. Its adjusted revenue was $2.89 billion, topping Street forecasts. Six analysts surveyed by Zacks expected $2.86 billion.
Discover shares have declined 59% since the beginning of the year, while the Standard & Poor’s 500 index has declined 13%. In the final minutes of trading on Wednesday, shares hit $35.07, a drop of 54% in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on DFS at https://www.zacks.com/ap/DFS
The Associated Press