MCLEAN, Va. (AP) _ Capital One Financial Corp. (COF) on Tuesday reported a second-quarter loss of $918 million, after reporting a profit in the same period a year earlier.
On a per-share basis, the McLean, Virginia-based company said it had a loss of $2.21. Losses, adjusted for non-recurring costs and to account for discontinued operations, were $1.61 per share.
The results missed Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for a loss of $1.25 per share.
The credit card issuer and bank posted revenue of $7.41 billion in the period. Its adjusted revenue was $6.56 billion, also missing Street forecasts. Seven analysts surveyed by Zacks expected $6.88 billion.
Capital One shares have fallen 39% since the beginning of the year, while the Standard & Poor’s 500 index has climbed nearly 1%. In the final minutes of trading on Tuesday, shares hit $62.52, a drop of 32% in the last 12 months.