MCLEAN, Va. — Capital One Financial Corp. on Tuesday reported first-quarter net income of $1.01 billion.
The McLean, Virginia-based company said it had profit of $1.84 per share. Earnings, adjusted to account for discontinued operations, were $1.85 per share.
The results missed Wall Street expectations. The average estimate of 12 analysts surveyed by Zacks Investment Research was for earnings of $1.90 per share.
The credit card issuer and bank posted revenue of $6.22 billion in the period, beating Street forecasts. Seven analysts surveyed by Zacks expected $6.1 billion.
Capital One shares have climbed 5 percent since the beginning of the year, while the Standard & Poor’s 500 index has risen slightly more than 2 percent. In the final minutes of trading on Tuesday, shares hit $75.94, a fall of 5.5 percent in the last 12 months.