Ally Financial stock jumps 4% on earnings beat

CHARLOTTE, N.C. - Ally Financial Inc. (NYSE:ALLY ) reported third quarter earnings that surpassed analyst expectations, sending its stock up 4% in premarket trading. The financial services company posted adjusted earnings per share of $0.95, significantly beating the analyst estimate of $0.51.

Revenue for the quarter came in at $2.1 billion, also topping the consensus estimate of $2.04 billion. The company's strong performance was driven by better-than-expected results across its business segments.

Compared to the same quarter last year, Ally Financial's revenue increased by 2.9% from $2.04 billion. The company's digital banking and auto financing businesses continued to show resilience in a challenging economic environment.

"Our third quarter results demonstrate the strength and adaptability of our diversified business model," said Jeffrey Brown, CEO of Ally Financial. "We remain focused on delivering value for our customers and shareholders while navigating the current market conditions."

Ally Financial, known for its all-digital bank and leading auto financing business, serves approximately 11 million customers across its various financial products and services. The company's strong quarterly results suggest it is effectively managing challenges in the current economic landscape.

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Source: Investing.com