Discover Card Sales Decline on Tightening Company Procedures -- Market Talk

Dow Jones
2025/01/24

1139 ET - Discover Financial Services has made progress in the latest quarter in operating the company profitably and safely as it strengthens its risk management and compliance capabilities, Interim CEO Michael Shepherd says on a call with analysts. The digital banking and payment services company saw delinquency formation and net charge-offs began to improve. Still, it saw a modest slowdown in U.S. card sales, even if network volume increased in the period, Shepherd says. Discover card sales were down 3% in the fourth quarter compared to the prior year. The decline in card sales was primarilydue to credit tightening actions, which began in 2022, CFO John Greene says. Shares rise 3.2% to $203.74. (sabela.ojea@wsj.com; @sabelaojeaguix)

 

(END) Dow Jones Newswires

January 23, 2025 11:39 ET (16:39 GMT)

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