Discover Financial Services recently reported a decline in earnings for the first quarter, which failed to meet the expectations set by analysts. The company's net income was $274 million, amounting to $1.10 per share, and marked a significant decrease from $931 million, or $3.55 per share, in the first quarter of the previous year.
Overall, analysts had predicted that the company would earn $2.95 per share, based on data compiled by Thomson Reuters. It's important to note that these estimates typically do not take into account any extraordinary items.
Despite the drop in earnings, the company's revenue for the quarter increased by 12.6%. Revenue saw an uptick from last year's $3.74 billion to $4.21 billion.
A quick glance at Discover Financial Services' earnings (calculated as per GAAP) reveals the following:
- Q1 Earnings: A drop from last year's $931 million to this year's $274 million.
- Q1 Earnings per Share (EPS): A decrease from $3.55 in the previous year to $1.10 this year.
- Q1 Revenue: An increase from $3.74 billion last year to $4.21 billion this year.
