Shares of Ally Financial (NYSE: ALLY), a digital financial services company, were down in pre-market trading on Wednesday after the company’s Q3 results missed estimates. The company posted Q3 revenues of $2.02 billion, up by 2% year-over-year but missing consensus estimates of $2.16 billion.
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Adjusted earnings came in at $1.12 per share in Q3, and again falling short of analysts’ estimates of $1.69.
Ally’s CEO Jeffrey J. Brown commented, “Financial results were partially depressed this quarter as a result of an impairment on a nonmarketable equity investment related to our mortgage business, impacting $0.33 of EPS, and higher provisions as a result of loan growth in auto finance and a larger coverage build to ensure the company remains protected as recessionary conditions feel more likely to occur in the coming months.”