Claudia Assis
WASHIGTON: Shares of Capital One Financial Corp. COF fell more than 3% in the extended session Tuesday after the company swung to a profit but missed fourth-quarter revenue expectations.
Capital One said it earned $1.3 billion, or $2.48 a share, in the quarter, versus a loss of $971 million, or $2.17 a share, in the fourth quarter of 2017. Excluding one-time items, Capital One earned $1.87 a share. Revenue rose 1% to $7 billion. Analysts polled by FactSet had expected GAAP and adjusted profit of $2.39 a share on sales of $7.1 billion.
“In the fourth quarter, Capital One posted solid results as we invest to grow and to drive our digital transformation,” founder and Chief Executive Richard D. Fairbank said in a statement. Shares of Capital One ended the regular session down 1.9%.
Courtesy: (marketwatch.com)
