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Discover Profits Soar In Fiscal 2nd Quarter 2011

by on July 17, 2011

Discover Financial Services announced “soaring” profits for the fiscal 2nd quarter 2011 with earnings more than tripling to $593 million compared with $185 million in the year-ago quarter.   Sales volume increased 9 percent to $24.84 billion.

The sharp rise in sales and profits came from new customer acquisition, more credit card use by existing customers and 8 percent growth in the number of merchants that accept its cards.

Discover blew away data firm FactSet’s earnings expectation of 75 cents per share.

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