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.
Source: http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2011/06/23/BU9J1K0BJE.DTL
Related Posts:
- Profits Looking Up For Discover in 2011 - NEW YORK – Shoppers with Discover cards were spending quite a bit more through the holidays according to new data. In fact,...
- TSYS Card Processing Shows Spike In First Quarter Profits - Credit-card processing company TSYS recently reported a profit of $56.4 million in the first quarter. That represents a net growth of 16%...
- Discover Financial Exceeds Profit Expectations In Latest Quarter - Discover Financial Services just posted a third-quarter profit that has everyone surprised. It not only looks great, it outperformed analysts’ estimates thanks...
- Visa Exceeds Profit Estimates In Fiscal 4th Quarter 2011 - NEW YORK – Visa, the largest payments network in the world, posted a fourth-quarter profit that well exceeded the estimates of most...
