Shares of Discover Financial Services (DFS) are trading -7% lower at a price of $102.28 at the time of this writing.

While Q2 earnings topped Wall Street consensus expectations and the company saw continued strength in the consumers' finances and spending intentions during the quarter, the company also increased its provision for credit losses to $549M in Q2 2022 from $154M in the prior quarter and $135M in the same quarter in the previous year.

Q2 EPS was $3.96 vs. $3.77 consensus, down from $4.22 in Q1 and $5.55 in Q2 2021. Discover Financial Services has been trading between a 52-week high of $133.29 and a 52-week low of $88.02. The stock has a market cap of $28.7 Billion.

Discover Financial Services is a digital banking and payment services company with one of the most trusted brands in U.S. financial services. Since its inception in 1986, the company has become one of the largest card issuers in the United States. The company issues the Discover card, America's cash rewards pioneer, and offers private student loans, personal loans, home loans, checking and savings accounts and certificates of deposit through its banking business.

Discover Financial Services 2022 Q2 - Results - Earnings Call Presentation
Seeking Alpha 07-21-22

Discover Financial Services Reports Decline In Q2 Income, but beats estimates
Nasdaq 07-20-22

Discover Financial Q2 earnings slip from Q1 as it boosts credit loss provision
Seeking Alpha 07-20-22

Discover Financial Services Tops Q2 EPS by 20c By Investing.com
Investing.com 07-20-22

Discover Financial Q2 Net Income Tops Estimates
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As you can imagine, the internet had a few things to say about the price move. Here's a few choice comments from the Reddit Traderverse™:

cheap_fat_turd - 3 upvotes - source
Anyone have thoughts about DFS earnings?

googley_me - 1 upvotes - source
DFS beat and they are down 3.5% pre market