DFS Investors Reeling as Stock Price Plummets

Discover Financial Services Shares Are Down Today: What's Going On?

Discover Financial Services, Inc. (DFS) - Get Discover Financial Services, Inc. Report shares are trading lower today, down about 2.5% to $54.25 per share as of 1:30 PM ET. So, what's behind the decline?

It appears that the decline in Discover Financial Services' stock is largely due to the release of its Q1 2023 earnings report earlier today. While the company reported a 5% year-over-year increase in net income, its revenue came in slightly below expectations.

Net income for the quarter came in at $443 million, or $1.64 per share, up from $422 million, or $1.51 per share, in the same period last year. However, revenue of $3.36 billion missed the consensus estimate of $3.41 billion.

The decline in Discover Financial Services' stock today is also likely being influenced by broader market trends. The Dow Jones Industrial Average was down about 1.5% today, while the S&P 500 was off about 1.2%. The decline in the broader market is likely contributing to the decline in Discover Financial Services' stock today.

Despite the decline in its stock today, Discover Financial Services is still up about 15% over the past year, outperforming many other financial institutions. The company's strong brand and loyal customer base have helped it to maintain a strong position in the financial services industry.

As of this writing, the author does not own any securities mentioned.