InvestorPlace InvestorPlace - Stock Market News, Stock Advice & Trading Tips
Discover Financial Services (NYSE: DFS ) stock was down on Wednesday despite a positive earnings report for the fourth quarter of 2016.
Revenue reported by Discover Financial Services in the fourth quarter of the year was $2.36 billion. DFS reported revenue of $2.21 billion during the fourth quarter of 2015. Analysts were expecting the company to report revenue of $2.34 billion.
Net income reported by Discover Financial Services was $563 million for the fourth quarter of 2016. The company's net income from the same time last year was $500 million.
During the fourth quarter of 2016, Discover Financial Services saw total loans grow by 7% to $77.3 billion. Credit cards loans grew by 6% to $61.5 billion during this time. Personal loans were up 18% and private student loans were up 2%.
Discover Financial Services also saw card sales volume increase by 3% in the fourth quarter when compared to the same time in the year prior. This has card sales volume increasing to $32.49 billion from $31.67 billion in the fourth quarter of 2015.
"We delivered robust revenue growth in the fourth quarter with a solid operating efficiency ratio," David Nelms, Chairman and CEO of Discover Financial Services, said in a statement . "While the seasoning of loans from the past several years of growth continued to drive provisions, overall credit performance remained healthy."
DFS stock was down 1% as of Wednesday afternoon.
More From InvestorPlace
- 10 Stocks That Will Hurt Your Retirement, Not Help It
- 7 Cheap Stocks to Buy That Could Double in 2017
- 10 of the Worst Values on Wall Street
The post Discover Financial Services (DFS) Stock Dips Despite Earnings Beat appeared first on InvestorPlace .
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
