MCLEAN, Va. (AP) _ Capital One Financial Corp. (COF) on Thursday reported second-quarter net income of $3.54 billion, after reporting a loss in the same period a year earlier.
On a per-share basis, the McLean, Virginia-based company said it had net income of $7.62. Earnings, adjusted for one-time gains and costs, came to $7.71 per share.
The results beat Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $4.78 per share.
The credit card issuer and bank posted revenue of $7.77 billion in the period. Its adjusted revenue was $7.37 billion, also surpassing Street forecasts. Six analysts surveyed by Zacks expected $7.1 billion.
Capital One shares have increased 63% since the beginning of the year, while the S&P’s 500 index has risen 16%. In the final minutes of trading on Thursday, shares hit $161.43, more than doubling in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on COF at https://www.zacks.com/ap/COF