MCLEAN, Va. (AP) _ Capital One Financial Corp. (COF) on Thursday reported a first-quarter loss of $1.34 billion, after reporting a profit in the same period a year earlier.
On a per-share basis, the McLean, Virginia-based company said it had a loss of $3.10. Losses, adjusted for non-recurring costs, were $3.02 per share.
The results did not meet Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 93 cents per share.
The credit card issuer and bank posted revenue of $8.33 billion in the period. Its adjusted revenue was $7.25 billion, which also did not meet Street forecasts. Eight analysts surveyed by Zacks expected $7.26 billion.
Capital One shares have dropped 49% since the beginning of the year, while the Standard & Poor’s 500 index has fallen 13%. In the final minutes of trading on Thursday, shares hit $52.57, a fall of 40% 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 COF at https://www.zacks.com/ap/COF
The Associated Press