MEMORIAL DAY FLASH SALE: 50% OFF BENZINGA PRO
As we honor our freedom, take a stand today. Secure the financial freedom that both you and your family deserve. Get exclusive market moving news for just 50% off. Claim your 50% discount here.
Discover Financial Services (NYSE: DFS) on Wednesday posted a sharp decline in fourth-quarter net profits on charges, while total loans grew 6.4 percent.
The company missed Wall Street's profit expectations and changed hands recently in the extended session at $58.65, down 3.6 percent.
The company's fourth-quarter net income fell 32 percent to $404 million, or $0.87 a share, from $602 million, or $1.23 a share, a year earlier.
Revenue fell to $2.04 billion from $2.13 billion last year.
Adjusted income equaled $1.19 a share, versus analysts' expectation of $1.30 a share, on revenue of $2.2 billion.
Results were hurt by a previously announced $178 million charge for elimination of a reserve for credit card rewards forfeiture, as well as a $27 million impairment charge related to the acquisition of the Discover Home Loans platform.
MEMORIAL DAY FLASH SALE: 50% OFF BENZINGA PRO
As we honor our freedom, take a stand today. Secure the financial freedom that both you and your family deserve. Get exclusive market moving news for just 50% off. Claim your 50% discount here.
ENTER TO WIN $500 IN STOCK OR CRYPTO
Enter your email and you'll also get Benzinga's ultimate morning update AND a free $30 gift card and more!