Why Discover Financial Stock Dropped This Morning

Shares of Discover Financial (NYSE: DFS) opened down by nearly 8% this morning after the company reported first-quarter earnings results. The payment network operator's stock had recovered those losses and was trading roughly flat on the day as of 1 p.m. EDT.

Total revenue net of interest expense increased 5% to $2.9 billion in the first quarter, but Discover swung to a net loss of $61 million, or $0.25 per share. The financial services company had posted net income of $726 million, or $2.15 per share, in the prior-year period. Total loans were $93 billion at the end of the quarter, up 5% from a year ago.

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Source Fool.com