Capital One Financial Posts First-Quarter Loss

Capital One revenue comes in below projections.
Author:
Publish date:

Capital One Financial  (COF) - Get Report posted a first-quarter loss on lower-than-expected revenue after the bell on Thursday.

The company reported an adjusted loss of $3.02 a share vs. a profit of $2.90 a share a year earlier. The bank said revenue fell 2% to $7.2 billion.

Analysts surveyed by FactSet had expected the company to report net income of $1.88 a share on revenue of $7.3 billion.

Shares of Capital One fell 30 cents or 0.6%, to $52.31 in after-hours trading.

“In the first quarter, Capital One rapidly mobilized to respond to COVID-19 and the disruption it is causing, with a focus on our associates, our customers, and our communities,” said Richard D. Fairbank, chairman and CEO of Capital One in a statement. “We are well positioned to navigate and manage through these uncertain times, and to emerge with strength on the other side.”

Elsewhere, financial stocks ended lower Thursday.

The S&P 500 financials sector index fell 1.54, or 0.43%, to 355.96.

The financial select SPDR ETF  (XLF) - Get Report fell 9 cents, or 0.42%, to $21.43.

Among notable movers, KeyCorp  (KEY) - Get Report shares rose 40 cents, or 3.91%, to $10.63.

Comerica  (CMA) - Get Report shares rose $1.15, or 3.78%, to $31.60.

Regions Financial  (RF) - Get Report shares rose 33 cents, or 3.63%, to $9.42.

Among financial stocks lagging, Invesco  (IVZ) - Get Report shares fell $1.94, or 21.13%, to $7.24.

Aon  (AON) - Get Report shares fell $6.82, or 3.76%, to $174.77.

U.S. stocks ended little changed Thursday as oil prices rebounded, but new unemployment filings came in at 4.4 million as  the coronavirus shut-downs continued to savage the economy.