Capital One Financial Corp. (NYSE: COF) late Tuesday posted much worse than expected first quarter earnings results, with both profit and revenue significantly trailing Wall Street’s view.

Written by StockNews.com

The McLean, VA-based credit card issuer reported Q1:

• earnings per share (EPS) of $1.75, which was $0.21 worse than the Wall Street consensus estimate of $1.96,
• revenues fell 0.5% from last year to $6.54 billion, also missing analysts’ view for $6.63 billion.

 Richard D. Fairbank, Founder, Chairman and Chief Executive Officer, commented via press release:

“In the first quarter, we continued to deliver resilient growth.

As banking is being revolutionized by digital, we are investing to lead the transformation and drive growth opportunities.

We are improving efficiency and we are building an enduring customer franchise.

We remain well positioned to deliver attractive growth and returns, as well as significant capital distribution, subject to regulatory approval.”

Capital One Financial Corp. shares fell $3.94 (-4.60%) to $81.64 in after-hours trading Tuesday. Year-to-date, COF has declined -1.45%, versus a 7.17% rise in the benchmark S&P 500 index during the same period.

COF currently has a StockNews.com POWR Rating of C (Neutral), and is ranked #25 of 39 stocks in the Consumer Financial Services category.