Capital One Financial Earnings: Here’s Why Investors are Cashing Shares Now
Capital One Financial Corp. (NYSE:COF) delivered a strong profit and missed Wall Street’s expectations, AND came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company. Shares are down 7.18%.
Capital One Financial Corp. Earnings Cheat Sheet
Results: Net income increased 107.13% to $843 million ($1.41 per diluted share) in the quarter versus a net gain of $407 million in the year-earlier quarter.
Revenue: Rose 22.84% to $5.62 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: Capital One Financial Corp. reported adjusted net income of $1.41 per share. By that measure, the company missed the mean analyst estimate of $1.6. It missed the average revenue estimate of $5.8 billion.
Quoting Management: “Capital One remains well positioned to deliver sustained shareholder value through sure-footed execution, substantial capital generation, and disciplined capital allocation for the benefit of our shareholders,” said Richard D. Fairbank, Chairman and Chief Executive Officer…