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Alliance Data Systems (ADS) - Get Alliance Data Systems Corporation Report  shares slumped on Thursday after the loyalty, marketing services and private label credit card provider fell short of analysts' earnings expectations.

ADS's stock at last check was off 15% to $104.82 after the Columbus, Ohio, company reported earnings per share of $5.05, compared with the FactSet-derived estimate of $5.25.

EPS for the quarter was also down from $5.37 a share in the year-earlier quarter.

While card-services revenue rose 3% to $1.2 billion, revenue from the loyalty programs ADS runs fell 6% to $246 million, while air miles awarded remained flat year over year.

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ADS also lowered its estimates for core EPS for 2019, to the $16.75-$17-a-share range, down from $19.50-$19.75.

Looking ahead to 2020, ADS is projecting low-single-digit growth in revenue and gains in core EPS in the mid-to-high twenties.

The company, which earlier this year moved its headquarters to Columbus from Plano, Texas, recently cut 300 jobs at its credit card services division, according to Columbus Business First.

ADS has launched an initiative to reduce costs by $100 million, mainly through "incremental annualized cost savings," said Melisa Miller, president and chief executive, in a statement.