Shares of Capital One Financial Corp. slumped in Tuesday’s extended session after the lender posted weaker than expected quarterly earnings. Capital One reported its first-quarter profit fell to $810 million, or $1.54 a share, from $1.01 billion, or $1.84 a share, a year earlier. On adjusted basis, Capital One would have earned $1.75 a share. Revenue slid to $6.54 billion from $6.22 billion. Net interest income rose to $5.47 billion versus $5.06 billion while its provision for credit losses increased 14% to $2 billion. Analysts surveyed by FactSet had forecast earnings of $1.93 a share on revenue of $6.64 billion. Capital One is one of the largest credit-card lenders in the U.S. but offers other financial services. Shares fell 4.5% after hours.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News