Why Discover Stock Is Tumbling Thursday
Portfolio Pulse from Adam Eckert
Discover Financial Services reported Q2 results that missed analyst expectations, despite a 21% YoY increase in revenue to $3.878 billion. The company reported earnings of $3.54 per share, lower than the estimated $3.67. Total loans grew by 19% YoY to $117.9 billion, but digital banking revenue fell by $322 million. Payment services volume and income increased. The company repurchased 6.8 million shares for $700 million and declared a quarterly cash dividend of 70 cents per share. Stephens & Co. analyst maintained a $124 price target.
July 20, 2023 | 1:29 pm
News sentiment analysis
Sort by:
Descending
NEGATIVE IMPACT
Discover Financial Services reported lower than expected Q2 earnings, leading to a drop in its stock price.
Discover Financial Services reported lower than expected earnings for Q2, despite a 21% YoY increase in revenue. This has led to a decrease in the company's stock price. The company's digital banking revenue also fell, which could be a concern for investors. However, the company's total loans grew by 19% YoY and it repurchased 6.8 million shares, which could potentially offset some of the negative impact.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100