Discover: 2Q Earnings Snapshot
RIVERWOODS, Ill. (AP) _ Discover Financial Services (DFS) on Tuesday reported second-quarter profit of $747 million.
The Riverwoods, Illinois-based company said it had net income of $2.32 per share.
The results exceeded Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $2.11 per share.
The credit card issuer and lender posted revenue of $3.5 billion in the period. Its adjusted revenue was $2.85 billion, also surpassing Street forecasts. Six analysts surveyed by Zacks expected $2.8 billion.
Discover shares have climbed 43% since the beginning of the year, while the Standard & Poor’s 500 index has increased 20%. In the final minutes of trading on Tuesday, shares hit $84.51, an increase of 16% in the last 12 months.