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Discover Financial Services DFS shares are trading lower in Monday’s after-hours session after the company reported earnings results that came in below analyst expectations.
Discover reported third-quarter revenue of $3.48 billion, which beat average analyst estimates of $3.37 billion, according to Benzinga Pro. The company reported quarterly earnings of $3.54 per share, which missed average analyst estimates of $3.73 per share.
Discover said its digital banking segment generated an income of $1.3 billion, which was down $251 million year-over-year, reflecting a higher provision for credit losses and higher operating expenses. Payment services jumped $167 million year-over-year, generating $53 million in quarterly income.
“Our outstanding third quarter results were characterized by robust loan growth and net interest margin, and strong credit metrics,” said Roger Hochschild, president, and CEO of Discover.
Discover’s board also declared a quarterly cash dividend of 60 cents per share payable on Dec. 8 to shareholders of record at the close of business on Nov. 23.
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DFS Price Action: Discover has a 52-week high of $130.81 and a 52-week low of $87.64.
The stock was down 3.27% in after-hours at $92.80 at the time of writing.
Photo: Philip Taylor from Flickr.
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Image and article originally from www.benzinga.com. Read the original article here.