Company Spotlight

Discover Q2 Profit Rises, PayPal Details Emerge

Discover Financial Services released its second-quarter earnings report on July 23, announcing a 15 percent rise in quarterly profit, according to an SEC filing.

The company earned $602 million over the three-month period, or $1.20 per share. These figures were up from the $525 million net income and $0.99 earnings per share the company reported for the second quarter of 2012.

During an earnings call, Discover CEO David Nelms commented on his company’s work with PayPal, claiming to process some transactions “on test basis” btu admitting that “the majority of the work” with PayPal lies ahead.

“This will take us some period of time before we see PayPal do their big launch and that will really be their decision as to exactly when,” Nelms said.

Discover also stated that they’ve signed north of 50 acquirers to the PayPal partnership, and face acceeptance in more than 250,000 merchant outlets.

To view the complete filing, click here.

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