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Updated Thursday, March 18, 2010 11:28 am TWN, AP

Credit card company Discover posts loss in 1Q, misses expectations

NEW YORK -- Credit card company Discover Financial Services said Tuesday that it posted a loss for the first three months of the year as it bolstered the amount of money it set aside to cover continuing defaults by consumers. Discover said it lost US$104 million, or 22 cents per share, for the three months that ended Feb. 28. That compares with a profit of US$120.4 million, or 25 cents per share, in the period a year earlier.

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