Capital One: 2Q Earnings Snapshot
MCLEAN, Va. (AP) _ Capital One Financial Corp. (COF) on Thursday reported second-quarter profit of $1.63 billion.
On a per-share basis, the McLean, Virginia-based company said it had net income of $3.24. Earnings, adjusted for one-time gains and costs, came to $3.37 per share.
The results beat Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of $2.84 per share.
The credit card issuer and bank posted revenue of $8.45 billion in the period. Its adjusted revenue was $7.12 billion, which also topped Street forecasts. Eight analysts surveyed by Zacks expected $7 billion.
Capital One shares have risen 17% since the beginning of the year, while the Standard & Poor’s 500 index has risen 19%. In the final minutes of trading on Thursday, shares hit $88.75, a decrease of almost 9% in the last 12 months.